Planning the long-term future of a child with special needs can be the source of enormous stress for parents.

Among the challenges of raising a child with special needs is figuring out how to provide for that child once you’re gone. If the child will never be able to earn a living, how can you determine how much of your own money to set aside for care and support, and for the rest of his or her life?

A new online calculator, available at www.specialneedsmap.com, guides parents through the planning process by assessing the cost of everything their child with special needs is likely to need for the duration of his or her life, as well as the parents’ expected longevity and financial profile. Utilizing a three-minute questionnaire, the calculator is designed to guide parents through the estate planning process by assessing the cost of everything their child with special needs is likely to need for the duration of his life, anything from medical assistance to food and shelter, clothing, physical therapy, education, and entertainment.

While the calculator is not designed to replace one-on-one consultation with an experienced special needs planner, it can help answer some basic questions and move the process forward.

Once the parents of a child with special needs have a clearer idea of how much money they may need to leave behind to, they can begin their planning. They can set money aside in a special needs trust, for example, or apply for life insurance to make sure there will be adequate funds should they die unexpectedly. They may want to make decisions about ongoing care and housing for their child with special needs based on what they can afford now and into the future.

The free online calculator is available here – online calculator

For additional information concerning special needs trusts and disability planning, visit:

NJ Special Needs Trusts and Disability Planning