How do you best provide financially for your disabled child's future

[ilovemoney]

Hi All,

I will post in special needs as well and feel this falls between SN and money topics.

How would you provide for your disabled kids especially when you wont be around in the future.

DD is currently 4 and wont work or live independently. She gets DLA higher rate and i am her FT carer.

We are currently paying £125 per month into a S&S isa for her and in her name. so a JISA.

From us she will inherit property, savings, pensions etc.

I have looked at SIPPS and LISA but not so keen on the lack of flexibility.

I guess she will also need power of attorney from us and then someone else going forward.

I would love to hear some thoughts from people further down the line whose kids are older and if you are near retirement etc.

We want her to have a safe comfortable life and always be provided for and protected

You definitely need to get professional advice on this one.

If she’s likely to be reliant on benefits in the future then it possibly isn’t a great idea to build up savings in her name. There are trusts for disabled people that may be worth considering, but do speak to a decent adviser.

thank you putting, that's a great point about savings and benefits. I know PIP and later on attendance allowance and state pension are not means tested.

I will look into that and get advice, i think that it might end up being better if me and DH save the money in our names and provide for her that way.

Came on to say this. My dd was born with physical disabilities but we were not expecting LDs, so I put 1/4 of her DLA in a savings account since birth and massively shot myself (and her) in the foot. Look into a discretionary trust, this is managed by a third party and does not affect benefit entitlement. Be aware that in some areas services are only for those on means tested benefits, so it's important that your child has access to them.

https://www.mencap.org.uk/sites/default/files/2020-05/MTC_booklet_WEB.pdf

Thank you posh, i love your username and thank you so much for that link and information will definitely be looking that up. She will get roughly 3m in inheritance, possibly quite a bit more when we die she will be about 45 so we really need to start thinking and planning now and get the best professional advice i have only just realised that she will inherit a considerable sum in reality as i have only just started to explore and think about this. Her diagnoses has been emerging since she was 1 so we are only now really thinking, OK we need to make sure she is ok when we die. We just want her to be comfortable and not be financially exploited.

1000000% seek legal advice. There is a lot to navigate!! Will depend on whether she is likely to have capacity to make financial decisions at 18, whether you'd want her / think it best for her to stay living with you or move into supported living, your inheritance plans etc! Defo seek legal advice. It might be that a trust + deputyship order is best way, but you'd need to speak to a solicitor xx