kendall-regand
Several articles related to tax planning with special needs. Learn more how to deal with taxes especially with family and their special needs family member.
Source: https://valiantfutures.com/blog/
For those of us who care for children with special needs, the end to 2020 didn’t come soon enough. For us, our mindset shifted from “coping” to “surviving.” The pandemic brought about a disproportionate impact for special needs families, especially those with school-age children, and are still embroiled in the ’20-’21 school year.
Many of these children qualify for special support under the Individuals with Disabilities Education Act.
As if tax season isn’t already an overwhelming task for families caring for loved ones with special needs, 2020 ushered in a unique set of changes and challenges. To help lend clarity to the chaos, consider the following tax tips and consult a tax professional. Hopefully, these resources will help simplify the process.
According to the CDC, developmental disabilities affect approximately 17% of children aged 3-17 in the United States. As medical advances have continued, it’s become more likely that children with special needs may outlive their parents. According to the National Down Syndrome Society, the average life expectancy of a person with Down syndrome is 60 today. In 1983, it was only 25.
JAMA Pediatrics suggests the lifetime costs for caring for a person with autism to be $2.4 million.
Those caring for loved ones with special needs should be aware of the tax advantages associated with FSAs, HSAs, and ABLE accounts.
In my experience, while most agree that year-end financial planning is a good idea, few will do it.
Are those of us who recommend it year after year guilty of violating Einstein’s definition of insanity? Insanity is doing the same thing over and over and expecting different results.
Why are we so resistant to doing something that’s clearly in our best interest?
Neurodivergent families confront unique challenges. Parents may be in a situation where they have to plan for the care of their minor or adult children long after their death.
The data on lifespan for those with any type of disability varies depending on the type of disability at issue.
Adults with any type of developmental disability die an average of 23.5 years earlier than adults without any disability.
