As family caregivers, we play many roles: scheduler, money manager, house cleaner, health aide, nurse, navigator, nurturer and more. Perhaps the most important role, though, is advocate, as we ensure the best life possible for our loved ones when they are vulnerable.
If you are the parent of a person with special needs, you are well aware that the role you play is very different than it may be for other children. Properly planning to meet their financial needs, both in the immediate and long term, is a critical part of supporting your child. This support must often continue well past the typical age of adulthood, which means parents need to put in place financial tools to care for their children, in the event of the parents’ death.
Do you expect your parents to leave you a financial legacy? Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by financial services company HSBC. Perhaps the bigger question, though, is how to even approach this topic with your parents.