saving opportunities you can afford now,” he says. “For example, life insur- ance policies can help with cash values1 you can tap into before the insured dies, or with proceeds to the beneficiary after death. And disability income insurance and long term care insurance can help parents take care of their own needs in the event of a prolonged illness or injury, so money they’ve saved for their child can be kept for their child’s care.”


There are various ways a person with special needs can own a home, but before you make the purchase, avoid making mistakes that could affect your financial situation. “If you’re receiving government benefits or have a special needs trust,” Gutierrez explains, “it makes sense to talk with a financial profes- sional and attorney who are both experienced in serving people with special needs. You’ll want to be sure to know how your new living arrangements will affect how Social Security calculates your eligibility for benefits. For an adult child, having parents own the house and rent it to their child might work best. Or it may be wisest for the child to continue living with parents and pay rent. Each option holds its own financial challenges and rewards.”


Learn more There’s more to know about current and future housing opportunities than will fit in this article, so click here to find some Web sites that may be useful to you.


Reprinted with the permission of Exceptional Parent Magazine and MassMutual SpecialCare Program, all rights reserved. For further information call 814-361-3860, extension 119.


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SM ALTERNATIVE & TRADITIONAL PEDIATRIC CARE


Dr. Amber Brooks, CACCP (469) 547-1173


14330 Midway Rd Ste 116 Dallas, TX 75244


Learn more at www.mychildwellness.com


North Texas Kids • February 2011 • www.NorthTexasKids.com


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