Financial Planning

Planning is a critical part of supporting a person with a disability, particularly adults.  It is never too early to start planning!

Some of the steps you should consider taking when you bring your baby with Down syndrome home in Connecticut include:

  • Set up a will (if you don’t already have one), a special needs trust, and a letter of intent, should anything happen to you. An attorney can help you with this.  Also discuss setting up a revocable trust so your future assets can be protected for use by your child, should you be sued.
  • Identify potential guardians to take care of your child with special needs, should anything happen to you. Think through how you will share information about your child with them as the years pass.
  • Consider opening an ABLE Account. ABLE accounts are tax-protected to allow families to set aside money to be used only for their child’s needs.  A financial planner can help you decide if this is the right thing for your to do.  A link to the National ABLE National Resource Center is listed below.
  • Determine whether your child is eligible for social security now (based on family income). Most people with developmental disabilities do not qualify until they turn 18, when eligibility is determined based on their own income, but you can check with Social Security to be sure.
  • If you have not already been referred to Connecticut Birth-to-Three by your hospital or physician, be sure to contact them yourself.  The sooner you are “in the system,” the sooner you can determine what state funded programs and supports are available to you.  Even if you chose not to take advantage of such programs now, you may find you need them later.
  • Contact our First Call Coordinator by phone at 888-486-8537, or by email at firstcall@mydsact.org for additional information, connection, support and to set up your one-year complimentary membership in the DS ACT.

Resources:

Arc Center for Future Planning

Able National Resource Center on the Estate Planning and Transition Planning 

Legal and Financial Planning Definitions and Tips

Financial Planning Tool Kit

Information About Qualifying for Social Security

Social Security Benefits for Children