Gurgugram based financial advisor Jitendra P. Solanki has authored a book titled Financial Planning for Families having Children with Special Needs highlighting the issues and challenges of clients who have children with special needs.
The journey of such parents is a roller-coaster ride with a lot of financial distress. Since children with special needs suffer from prolonged mental or physical disabilities, they may need medical assistance and special facilities throughout their life.
As an advisor, sound knowledge and empathy towards the families can create a lifelong relationship, which is not just financially satisfying but humanitarian as well.
Here are the key takeaways from the book that can help you advise clients with special needs children.
Approaching clients
You can have a tie-up with institutions, which specialise in special needs children. Generally, parents with such children come for regular vocational training to these institutions. The book gives ideas as to how advisors can organise workshops and counselling sessions in collaboration with these institutions and educate families on the importance of having a financial plan for their children. The book also tells you how you can leverage your experience to publish blogs that pertain to this segment.
Financial planning
When it comes to making future plans for special needs children, the corpus should last for decades, keeping the life span of such a child in mind. This book throws light on how advisors plan for such children. The author has given an eight-step guide to draft a financial plan for families with special needs children. The book also highlighted the concerns of such families and measures to overcome challenges.
Creating a trust
The book helps advisors to understand how to create a trust for such clients. Your clients can create a private trust or identify the institution where the child would live after their demise.
Also, they can appoint a co-trustee if the family knows a trustworthy person and if the person is capable for the job.
Another option is a living trust. With this, your clients can create and regulate the trust and get a fair idea of the functions and regulations of trusts. In all possibilities, most clients want to opt for a living trust.
