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Be Prepared

How to map out a strategy for the future:

Start With a Vision
How do you picture your child’s long-range future? What kind of lifestyle, freedoms or access to resources would you want him or her to continue to have? Knowing this will help guide how you set up your documents and finances.

Draft a Letter of Intent
This is an emergency plan so someone can take over in your absence. Include your child’s detailed medical history, practical advice for immediate care and insights about your child’s hopes and dreams. Keep it where someone else can easily find it and remember to update it regularly.

Make a Will
This will explain how you want your estate divided and name a guardian for your child. Passing on an inheritance to your disabled child may impact his or her government benefits, so it’s important to work out the details.

Set Up a Trust
A special needs trust is an arrangement that allows you to place assets (cash, property, life insurance proceeds, etc.) into the hands of a manager (inside or outside your family), who handles the assets in the manner you’ve outlined. It is designed to supplement support and medical assistance under Medicaid and Social Security Insurance. A trust will allow you to pass on inheritance but not disrupt government benefits.

Take Care of Yourself
How long will your retirement savings support you and your child? Are you at risk for running out of resources in an extended retirement? What if you run into health issues and can’t work? Do you have adequate life insurance, disability income insurance and long-term care insurance to protect your income and provide for your child? You need to study all these questions and develop a strategy to address them with the help of a trusted expert.

Read More
Peace of Mind | 6 Ways to Help | Special Needs Resources

 

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4321 N. Ballard Road
Appleton, WI 54919-0001 USA
800-THRIVENT
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625 Fourth Avenue S.
Minneapolis, MN 55415-1624 USA
800-THRIVENT
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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.

©1995-2008 Thrivent Financial for Lutherans

This document was last updated on Thursday, April 17, 2008 at 8:53 AM