Financial Planning for Families 5 things to consider when you have a child with special needs
SPONSORED BY
BY CHRISTINA MUSHI-BRUNT . PHOTOS PROVIDED.
The current cost of raising a child from birth to 18 years in a U.S. middle class household is estimated to be a little over $300,000, according to the U.S Department of Agriculture and the Bureau of Labor Statistics. While some costs can be anticipated and planned for, what happens when the unexpected occurs? In 2020, Aaron and Natalie Waters and their first daughter, Ella Kate, welcomed their second daughter, Collyns Claire, into their family. As a parent and a wealth advisor with Wymer Brownlee Wealth Strategies, Aaron was acutely aware of the costs the family would face. However, when prenatal screening tests revealed that Collyns had Down syndrome, a condition in which an individual has a partial or full extra copy of chromosome 21, he and Natalie had to start reimagining their family’s short- and long-term plans, including their finances. Based on his professional and personal experiences, Waters shares his top five tips for families as they balance the expenses of raising a child who has special needs with creating joyful family memories. 1. Build a support network. This network can consist of family, friends and professionals who have a child with special needs or who have experience in associated areas. Seeking out wise counsel, whether through personal relationships or professionals like financial planners, lawyers and health care advocates, can be extremely beneficial. 2. Make decisions based on your family’s needs and assets. As parents, we often have a vision for what our family’s journey will look like and make decisions based on that vision. However, becoming a family that includes a child with special needs or disabilities may require significant adjustments. Waters shares one such example: “When my wife, Natalie, decided to stay home with our children, we lost income, but we did save on daycare costs. Weighing those kinds of things is important, and they are not always easy decisions.” 3. Assess your short-term needs. Managing day-to-day finances is one of the most commonly cited challenges for families of children with special needs. It’s especially complex when the diagnosis is new. “You look at what expenses are going to be,” explains Waters. “In that moment, all of a sudden, now we weren’t just having a baby. We were looking at a NICU stay, heart surgeries and
DAD AND WEALTH ADVISOR AARON WATERS HELPS FAMILIES LIKE HIS BALANCE THE EXPENSES OF RAISING A CHILD WHO HAS SPECIAL NEEDS WITH CREATING JOYFUL FAMILY MEMORIES.
16 METROFAMILYMAGAZINE.COM / MAY-JUNE 2023
Made with FlippingBook interactive PDF creator