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Checklist: Special Needs Dependents

Financial planning for minors is a crucial step in ensuring their future is secure, regardless of what life may bring. From setting up trusts and custodial accounts to planning for education and managing inheritances responsibly, there are many decisions to make.

This checklist will help you cover all the essential aspects of financial planning for your children or dependents, giving you peace of mind and providing them with a strong foundation for the future.

  • Have you appointed a legal guardian or successor guardian for your special needs dependent?
  • Have you created a legal framework for guardianship through a will or legal documentation?
  • Are there standby guardians designated in case of emergencies?
  • Have you obtained conservatorship if your dependent requires assistance managing their financial or medical decisions as an adult?
  • Have you created or updated your dependent’s medical power of attorney?

  • Have you set up a Special Needs Trust (SNT) to ensure financial security without affecting eligibility for government benefits like SSI or Medicaid?
  • Is there a designated trustee with clear instructions on managing funds for the dependent’s care?
  • Have you identified funding sources for the trust, such as life insurance, savings, or inheritance?
  • Are financial accounts set up to avoid exceeding the government benefit asset limits (e.g., $2,000 for SSI eligibility)?
  • Have you reviewed and updated your financial plan regularly to reflect changing needs?

  • Have you enrolled your dependent in government programs such as SSI, Medicaid, or SSDI?
  • Do you understand how earned income or gifts can impact these benefits?
  • Have you explored local or state disability services for additional support?
  • Are you aware of Medicaid Waiver programs that might provide resources like housing or caregiving?

  • Have you compiled a complete medical history, including diagnoses, treatments, and medications?
  • Is there a list of healthcare providers, therapists, and specialists your dependent relies on?
  • Have you created a healthcare directive or consent form for emergency medical decisions?
  • Are there provisions for ongoing therapy, specialized treatments, or equipment needs?

  • Have you researched long-term housing options such as group homes, assisted living, or independent living with supports?
  • Do you have a plan in place for when you can no longer provide care directly?
  • Have you evaluated long-term care insurance options or other funding mechanisms?
  • Is there a timeline for transitioning your dependent into independent or supported living arrangements?

  • Have you created an Individualized Education Plan (IEP) or 504 Plan if your dependent is still in school?
  • Are there vocational programs, job training, or community resources for skill-building?
  • Have you planned for post-secondary education or training if appropriate?
  • Do you stay informed about programs that promote independence and employment for individuals with disabilities?

  • Have you prepared a Letter of Intent to provide caregivers and trustees with detailed information about your dependent’s needs, preferences, and routines?
    • Personal details (likes, dislikes, hobbies, interests)
    • Medical and therapy routines
    • Dietary restrictions
    • Social and emotional needs
  • Have you documented family traditions, values, and milestones important to your dependent’s life?
  • Have you written personal letters or recorded videos to your dependent to provide comfort and guidance in the future?

  • Are you familiar with advocacy organizations that support individuals with disabilities?
  • Have you connected with support groups or parent networks for special needs families?
  • Do you stay informed about changes to laws and programs affecting people with disabilities?
  • Have you ensured your dependent is aware of their rights and how to self-advocate to the best of their ability?

  • Have you structured your estate plan to avoid jeopardizing your dependent’s eligibility for benefits?
  • Have you reviewed beneficiary designations to ensure assets are directed to the Special Needs Trust?
  • Have you educated other family members and loved ones about the importance of contributing to the trust rather than directly to the dependent?
  • Is there a plan for dividing assets equitably among all your heirs while prioritizing your dependent’s care?

  • Are you revisiting your financial and care plans every few years to ensure they meet your dependent’s evolving needs?
  • Have you communicated updates to all relevant parties, including trustees, guardians, and caregivers?
  • Are you monitoring new resources, programs, or technologies that could enhance your dependent’s quality of life?

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