Autism Spectrum Disorder
It is important that you develop a strategy for children with unique needs with financial and estate planners knowledgable in this area.
Parents may spend all their energy and financial resources helping their children during their lifetime. Parents may also need to save for their child’s lifetime as well when their children are diagnosed with Autism Spectrum Disorder (ASD). Adults with Aspergers and high functioning autism (HFA) often experience difficulties obtaining and keeping gainful employment despite their potential for work. Moreover, unemployment rates for adults with Autism have been estimated to be as high as 80%. Source: faas.org
Financial Planning for ASD may include:
- Teaching financial literacy to teenagers and adults
- Seeking public resources specific to your child and the county where you live
- Estate planning techniques
A range of estate planning tools including living trusts, annuities and/or special needs trust depending on the situation. The term "spectrum" in Autism Spectrum Disorder refers to the wide range of symptoms, skills, and levels of impairment, or disability, that children with ASD can have. Some children are mildly impaired by their symptoms, but others are severely disabled. The estate planning strategy recommended depends on the level of independence your child is likely to achieve as an adult.