Securing a bright Financial Future for my small child who is autistic
Good Morning Terry, I am looking for the best way(s) to save for my son's future. He is 5 years old and I currently have a savings account for him, as well as a Custodial Brokerage account. I want my son to have a very bright future and to live very comfortable financially, so I'm trying to do all that I can to secure that. He is extremely smart for his age, but falls under the Autism Spectrum according to his Preschool evaluation. I want to cross all of my "T"s and dot all of my "I"s for him. Can you please give me some Financial advice? I really value your opinion. Sincerely, Ronny White
Terry Says
Thanks for asking this question -- and I'm glad you did it now. You are going about this in exactly the wrong way! First, putting money in a custodial account means he will have access to it at the age of majority -- 18 inmost states. That doesn't sound like a good idea under the circumstances. Second, if he is able to attend college, money in a child's name in a custodial account has a much greater impact on financial aid, than money in 529 college savings plans or in the parents' names. But perhaps more importantly in your situation, money in the child's name might disqualify him for some Federal and state financial and social programs for which he might otherwise qualify! Fortunately, I have the perfect resource for you. Mary Anne Ehlert created ProtectedTomorrows.com to help people in your situation create trusts, and make appropriate plans for the future of their differently abled children. You'll find all the help you need to do it the right way!
