Raising a family and planning for its future can be a daunting task even in the best of circumstances. But for those Colorado families faced with the additional challenge of a special needs family member, this task is often magnified. In this case, special needs planning is a critical component of estate planning for the family's future.
Whether they live here in Colorado or somewhere else in the country, it is never too late for older couples to prepare for the future. Financial planning is a vital part of preparing for a surviving spouse's future. This will help the one left behind maintain an adequate standard of living.
Taking care of their loved ones and protecting their assets are primary goals established by many Colorado families. In most cases, the traditional approach of saving for the future, making careful investments and structuring their estate plan in an effort to achieve these goals is the key. However, due to extenuating circumstances, some families discover the critical need for special needs planning in addition to the other more traditional forms of estate planning.
Children are a gift. Yet, like most gifts, there are costs involved. When the child in question is a special needs child, the Colorado parent typically discovers that there are additional steps that must be taken in order to ensure that this child is properly cared for in case the parent is no longer able to do so. Special needs planning can play an important role in giving the parents the assurance they need, and the child the security he or she needs, just in case.
All Colorado families are different. Some families are traditional and have a mom, dad and two kids; other families feature only one parent with one or more kids. Regardless of the family structure, concerned parents plan for their children's well-being. When children with special needs are involved, this special needs planning becomes even more critical.
Planning for the future is an important part of the average Colorado family's routine. As a part of financial planning, the family often funds investment accounts, makes prudent financial decisions and establishes an estate plan. Yet, in spite of this essential planning, parents with special needs children often fail to complete special needs planning for the continued care of the child once they are no longer able to provide this care.
The growth in the nation’s economy since the last recession is unquestionable. It has spawned a number of small businesses, particularly the number of new enterprises owned by women. According to a number of media reports, more than nine million small businesses are owned by women, which accounts for about a third of all active businesses across the country.
The population of older, wealthier people continues to increase. That growth coincides with people looking to exploit the vulnerabilities that come with advanced age. Yet, financial exploitation continues to be overlooked and unreported. The problem is only getting worse with a national government lacking a formal system for complaints and much-needed interventions.
For years you have likely heard financial forecasters in Boulder and throughout the rest of the U.S. warning you of the need to start your financial planning now in order to cover your costs of living once you retire. Hopefully you have heeded that advice and begun to do so. Yet as you begin to plan your retirement savings, there is one factor that you will want to consider: the impact of inflation.
You may be a very accomplished adult with a long list of achievements. And you may be a parent who is successful in your own right. But you will never outgrow being your parent's child. And perhaps you have recently realized that your parents are at a point in their lives where they need your help to a greater degree than they are able to admit. As difficult as this may be for all of you, it could be time for you to assert yourself a bit more in their affairs.