Financial Planning For Families Having Children With Special Needs is a must-read book for every special needs family in India. Written by Jitendra Solanki, a financial planning expert with over 15 years of experience, this book gives us a road-map to the intriguing world of financial planning for our children. I know, most parents are so busy managing the day-to-day lives with our children, that very little time is spent on financial planning. But this is not something that can be swept under the carpet. As daunting as the idea of saving money looks now with all the cost of therapies, that is the most important aspect to make sure that your child will lead a comfortable life even after parents are no more.
The first chapter briefly introduces the life of a special needs dependent family. From the second chapter, the author introduces special needs financial planning, how it is different from traditional planning and the eight step process to plan as well as how we should plan around the child life stages – like minority, adulthood ( living at home), adulthood ( living in external environment), first parent’s death and second parent’s death. The third chapter – Pillars of special needs planning talks about the importance of legal issues and guardianship.
The fourth chapter – How to plan for two generations, covers many important topics like how to estimate the cost of lifetime care for the child and how to factor in inflation in the process. The six steps of the financial planning process are discussed in detail in this chapter as well as the need for adequate insurance – not just life insurance, but also health and disability insurance. The author also discusses the Investment planning with asset allocation – the importance of including all assets like debt ( FDs, etc.), equity ( mutual funds,etc.), gold and real estate among others.
The fifth chapter is Estate planning and discusses in depth about the estate planning tools – wills, Trust, power of attorney, letter of intent, etc. Also included are details on implementing the estate plan, like how to choose trustees, funding the trust and FAQs on guardianship, etc. The sixth chapter is all about tax planning and how to go beyond traditional tax benefits. The last chapter, Important resources, details various schemes and benefits for the disabled and key websites for information.
If you are parent whose special needs child is in his/her teens, the topic foremost on your mind is guardianship, writing a will, forming a trust and securing your child financially. This book will definitely guide you in the process and provide a road-map for parents like us.
You can also purchase it on Amazon India
Check out the Author’s website, which has many useful articles and don’t forget to download the free ebook :
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