Financial Aspects of Lifetime Planning
- How much am I saving for my child?
- Based on government standards for disability support, what kind of government assistance will my child be able to receive?
- Will my child be able to earn enough to cover their living expenses? If not, how will we supplement these expenses? What would be a reasonable amount?
- If my child is receiving government support based on income and asset criteria, how can I provide financial assistance to them without affecting that support?
- Who can I trust to be a responsible overseer of my child’s financial protection?
Parents can establish a framework for a lifetime plan by answering the above questions themselves for their child with disabilities. When the child turns 18, they legally become an adult, and in cases of severe disability, a legal guardian can be appointed. Parents can also seek help from professionals who can guide their child’s independent living.
Source
Morgan, P. L. Parenting an Adult with Disabilities or Special Needs: Everything You Need to Know to Plan for and Protect Your Child’s Future. Translated by Jeon, M. Y. Seoul: Bookie Press, 2010.
Kim, H. Y. “Understanding Disabled Children and Life Plan.” Zoom presented at the Empowering Families of Children with Disabilities Workshop, World Mission University, CA, Februry, 2023.
