To live a full, secure and happy life – it’s what all parents want for their children, including those with children who have SEND. Families caring for a relative with special educational needs often require additional planning to make that dream a reality.
If you’re the parent or relative of someone with special educational needs and disabilities you may have wondered what you can do to secure their financial future. Here are a few financial strategies and planning steps to consider.
Resources from the local government
The Children and Families Act 2014 includes a duty for each local authority to support children, young people and parents on matters relating to a child or young person’s special educational needs or disability from birth to 25 years. Each council is required to have a Local Offer, outlining the support and services available within the community for children and young people with SEND. You are entitled to feedback on the services available in your region.
Additionally, exploring government benefits can provide you with valuable financial support. Your local council is a great resource to help you navigate the process and determine which benefits you may be eligible for.
Knitting a safety net
Estate planning for someone with SEND in the UK involves several key considerations to ensure their financial security and well-being. Some important aspects for parents to consider is if government benefits will be enough to give their child access to an adequate standard of living.
Trusts are common to ensure there is at least another method of income for your loved one. This solution preserves the child’s entitlement to benefits and local authority assistance.
Wills, Lasting Powers of Attorney (LPAs), and child guardianship are also important for families with individuals with SEND. By carefully planning and implementing these legal tools, families can ensure that their loved ones receive the necessary care and support, maintain their quality of life, and have their best interests protected even when the primary caregivers are no longer able to provide direct care.
This comprehensive approach to estate planning provides peace of mind and stability for both the individual with SEND and their family.
A stand-in guardian
Choosing a successor guardian is a crucial but often difficult task for parents. If full guardianship is needed, you’re essentially asking someone to fill your shoes – taking care of all social, emotional, physical, educational and medical needs for your loved one when you no longer can. Be sure to choose a trustworthy adult who has only your child’s best interests at heart.
Once you’ve chosen a guardian, detail your preferences and instructions through an official will, though a court must still confirm the appointment. Parents should also name a backup guardian, just in case.
It’s important to determine the living arrangement as well. Do you want your child to remain in the home and have the guardian move in? Or would your child move into the guardian’s home? There are also options like supported living, shared lives schemes and group homes for those who need more involved care. Explore these choices to find the best fit for the individual’s needs and preferences.
Keep in mind that there are several legal considerations when choosing a living arrangement for someone with SEND.
Caring for those who need it most
For most parents of a child or young person with SEND, ensuring total care of their loved one is their life’s work, perhaps becoming even more important when they’re no longer able to provide the care themselves. Working with a wealth manager and other professionals on the bigger financial picture can provide a sense of ease, knowing you’ve done all you can to protect and provide for someone you love.
Sources
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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