Life Care Goals

How do I Develop Life Care Goals?

by guest blogger, Jim Cherco

Having a child with special needs presents many large and difficult challenges. Often families that have a child or children with special needs struggle with doubts and stresses about how best to raise and provide for their family now and in the future. If you are the parent of a child with special needs, the specialized care of your child is surely a very significant concern for you and your family. The job of devising a strategy for support that is ongoing and provides the long-term funding that is needed may be daunting enough that planning never gets started, much less, put in place. Have you considered who will care for your child in the event of your untimely death? Do you have a strategy in place for financing the care of your child as you (and your child) age? Perhaps, someone in your family has agreed to take over the care of your child when you are no longer able to do so. This can present its own challenges and stresses.

When I moved here to the Indianapolis area from Illinois back in 1989 I learned about the famous breaded tenderloin that is “as big as your head”. I asked a friend how on earth one goes about eating such a huge sandwich and he replied, “one bite at a time Jimmy”. I think you should approach your strategy for developing a life care goals are for your special needs child in much the same way. Take on one thing at a time and then move forward until your goals are complete, then review them annually and adjust it for the changes that life brings your way. Having a strategy in place can help to provide the quality of life you want for the child you love when you are no longer able to care for him or her. It will also give you the confidence you need, as a parent of a special needs child. The stress level you experience raising your child has been likened to that of a combat soldier, and can shorten your lifespan by up to 9 to 12 years. Having a strategy in place now to care for the future needs of your child can reduce some of your stress.

Fortunately there are programs that the government offers in addition to Special Needs Trusts (SNT) and Life Insurance that can provide options and funding for the ongoing care of a loved one with special needs. A combination of permanent whole life insurance and term insurance along with an SNT, is a great way to help provide financial care for your loved ones after you’re gone. While making sure that the funding is in place for a special needs child is important, permanent life insurance can provide much needed cash in an emergency.

Making it a priority to keep an updated will at all times that coordinates with an SNT is key to making your wishes known. Additionally, a letter denoting your detailed wishes can prove to be an invaluable asset. It can be a great supplement to the will and provide your designated caregiver/trustee detailed information regarding habits and routine, medical concerns, and parental wishes about living arrangements. Only you know your child best, and if you’re not around to care for him or her, the person who takes over may find it very difficult to figure out what your child’s idiosyncrasies are and it could cause your child undue stress. Keep in mind this is not a legal document but a helpful companion to the will and trust.
No matter how your life is affected by special needs, you need to have a plan in place. We realize that you may be too overwhelmed and don’t know where to begin. We can help you get started and see you through the process over the years. In addition, if you don’t have a support network in place, I would recommend contacting Down Syndrome Indiana or Easter Seals Crossroads.

Jim Cherco,
317-569-7621 jcherco@sfg-in.com.com www.specialneedsstrategies.com

As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.

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