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Financing Special Needs

Providing for Your Special Child's Future

By Teri Brown

One of the last things a parent wants to worry about while dealing with their special needs child is finances. Unfortunately, the topic too often can't be avoided. Special needs children often require above average emotional, physical and medical care. This costs money. Long-term care is another concern that needs to be addressed.

Cynthia Gavenda is a special care planner with the MassMutual Financial Group. She is a CPA as well as an MBA and worked on Wall Street for several years prior to having children. All that changed after her son was born with Down Syndrome.

"He was our first child and his diagnosis at birth was unexpected," says Gavenda. "The first few months after we brought him home were very difficult. Not only did I have a difficult time adjusting emotionally to the fact that my child was physically and mentally disabled, but there were a number of unexpected challenges in caring for Alec."

As a financial planner Gavenda knew they needed to make financial provisions for their child. "Even though we were quite challenged emotionally that first year, we did make sure that we did what we needed to do from an estate planning perspective to make sure that Alec was provided for in the event that we were not there to care for him," says Gavenda. "When Alec was 4 months old, we retained a special needs attorney to draft our wills, durable powers of attorney and special needs trust. We selected guardians and trustees and obtained life and disability insurance."

When Gavenda decided to go back to work, she chose to go back into a field very near and dear to her heart – as a financial planner for families with special needs children. "Many parents, such as ourselves, are dealing with so much emotionally those first few years that's it's difficult to find the time and energy to deal with financial decisions," says Gavenda. "However, there are just a few questions that a parent should address early on to ensure that their child is taken care of in the event that the unexpected should happen."

Gavenda says that the peace of mind that comes from planning for your child's financial needs is worth the emotional stress it may initially cause. "Most parents that I work with spend several years dealing with a variety of challenges associated with their child's disabilities before they feel that they are emotionally ready to plan for their future," says Gavenda. "It is difficult to envision what life would be like for your child if you were not there, as the person who loves them the most and understands their challenges better than anyone. It is for exactly that reason that most parents delay planning."

Want to see more?

• Balancing Act: Money Management Tips for One Income Families
• Life Insurance: What Is It, and How Much Do You Need?
• Where There's a Will ... Safeguarding Your Children's Future
• Talk about it!