Autism Resources - Latest Articles

When parents are faced with an aging child on the autism spectrum or with special needs, their first concern is, “How will my child care for themselves when I’m gone?”  An article “Disabled Adults, Likely to Outlive Parents, Face Unclear Future” even states, “The prospect of disabled adults outliving aging parents is a demographic time bomb”.   Studies show that an overwhelming number of these parents, roughly 78% do not have an Individualized Life Plan in place.  Worse yet, 70% of all parents do not use a professional to help develop one. Approximately 56% of these parents do not even know of any financial professional who even deals with these types of issues.

An article in the NYT, “New Definition of Autism Will Exclude Many, Study Suggests”, highlights the effects of proposed changes to the definition of autism.   This will greatly impact the cost of autism for parents with children on the spectrum making it harder for them to qualify for governmental assistance.  “At a time when school budgets for special education are stretched, the new diagnosis could herald more pitched battles.  Tens of thousands of people receive state-backed services to help offset (autism’s) disabling effects…”.  The outcome would most likely prevent higher-functioning individuals from being eligible for any programs or aid.

A living with Autism study found that 56% of parents did not know of any financial professional who specializes in addressing their needs.  Autism resources can be lacking when it comes to identifying a wealth manager who will have the right fit.  Parents ow children on the spectrum should seek out a professional experienced and well-informed in the development and management if Individualized Life Plans(ILPs).  The ILP is the financial/life plan equivalent of a child’s Individualied Educational Plan(IEP).  While it’s not easy to find someone who understands the unique financial needs of families with children on the autism spectrum, below are questions parents can use as a guide when selecting a wealth manager.

Parents of children with autism face fears everyday while coping with the challenges, frustrations and considerable expenses associated with caring for their child.  These concerns cover every aspect of the child and family’s life, from their child’s health, happiness, independence and education to their social needs, housing, employment and overall quality of life.  My first-hand experience has shown me that families and parents of children with autism face these common fears for their child.

Many parents don’t realize that autism is considered a medical condition.  Unfortunately these parents tend to have unclaimed tax benefits.  Autism financial planning will encompass a close look at any potential tax-savings benefits.  It’s always best to confer with a CPA or a tax professional; however, below are some additional areas parents may overlook in regards to their child’s medical expenses.

Estate planning can be especially challenging for families touched by autism.  Enhancing an estate plan with a special needs trust is advisable.  While it is essential to be guided by a qualified estate planning attorney, with a concentration serving special needs families, parents of children with autism spectrum disorders should have a basic understanding of how this trust works.   Parents must ensure there will be sufficient funds in the estate to provide for the autistic child after the parents no longer can due to disability or death.    Even more important is using estate planning tools that will not jeopardize the child’s government benefits such as Medicaid or Supplemental Security Income (SSI). To qualify for these benefits, individuals cannot have assets in their own name in excess of $2000, with the exclusion of a home, a vehicle and basic personal items.

As families touched by autism know, there are unique challenges, needs, and unknowns which must be addressed.  It can be a very emotional and scary time when a child is first diagnosed.  Not only that, life-changing events begin to occur as the child grows to adulthood. The road ahead is demanding for parents and autism resources may be scarce depending on the individual’s age and what state you are located in.  Here are 10 concerns that parents face for their autistic child which should be addressed as early as possible:

Even as we continue to gain a greater understanding of Autism Spectrum Disorders (ASD) and its daily presence in the lives of millions of families, there’s little information on how ASD is affecting them. It’s a knowledge gap that inhibits government, non-profits and the private sector from optimizing their services and assistance to families struggling with ASD.  I recently wrote about some tax saving tips parents with autistic children can review so that they can take full advantage of potential savings.  There are other factors parents should consider as well. 

People don’t understand the true costs of dealing with an autistic child.  Financial planning for autism takes an understanding of the costs involved which typically fall into two categories; medical and educational.  Parents can become overwhelmed as they deal with a raft of financial and planning difficulties.  

With year-end fast approaching tax season will be here before you know it.  For parents of autistic children, the ability to deduct every dollar possible is crucial to their bottom line.  These parents incur a lot of expenses for schools, therapies, medications, learning materials, and a lot of other services their child requires.  A comprehensive autism financial plan should also incorporate any possible tax saving advantages that are available.  Many parents don’t realize that autism is considered a medical condition and certain costs may be deducted.  Parents should get into the habit of tracking any expense that could be related to their child’s development or therapy.  Here are 3 areas parents with autistic children should review so that they are taking the necessary tax deductions available to them.