3 OPTIONS TO GIVE YOUR CHILD WITH ADDITIONAL NEEDS MORE FINANCIAL SECURITY

BY GRAHAM CALDOW

The problems you currently face with how to give your child with additional needs more financial security are those we also faced as a family. We developed a way to make a life plan for our daughter and our life plan will work for you too.

We created the Red Giraffe Route Map by dividing the main aspects of her life into four categories which we liken to train lines: the Daily Living line, the Relationships line, the Purpose line and the Finance line. Everyone needs money for their long-term security, but our young adults may rely more heavily on others to help plan and manage this security. Financial security underpins their long-term future, and for this reason, careful planning of the Financial line is imperative.

Disclaimer: Everything that follows is for educational purposes only. It is not intended to be financial advice and should not be used as such. You should seek professional advice from someone suitably qualified, who can tailor advice specifically to your circumstances.

The central concern of the Financial line is how your child's finances will be organized. It all starts with deciding who controls their finances. Everyone wants to leave their children financially secure but the question is, how? At one end of the continuum is a guardianship, where their finances are fully controlled by someone else. At the other end is complete autonomy where they control all their own finances. In between, are numerous other permutations. Each has advantages and disadvantages. We must decide the best way to offer our children financial security when we are not around to support them. For this, we need a vision of how their financial affairs will be organized.