Ways to Protect Your Finances: Financial Literacy Month

April is Autism Awareness Month, Parkinson’s Awareness Month, and it is also Financial Literacy Month. These three campaigns may at first appear unrelated to each other, but they are interconnected.

The latter campaign was created to help educate consumers about the financial tools available toprotect their assets for the future. How is Autism Awareness Month related? Families with children who are autistic have unique financial concerns. Depending on the child’s level on the autism spectrum, they may require specialized caregivers inside and outside of school programs. The cost of care adds up. A recent article in Raleigh’s News & Observer found that North Carolina has one of the highest rates of autism. In the Raleigh-Durham and Chapel Hill area, approximately 1 in 70 children suffer from autism. As special needs children age, parents must manage the needs of their adult special needs children. Will they be able to work and live independently? Special needs trusts are excellent financial planning tools that allow families to structure assets so that their children will remain eligible for public benefits. Special needs trusts also provide parents the ability to appoint a trusted friend or family member to manage finances for their child after their deaths. These trusts cover the costs of a special needs person’s care and well-being. Whether a family member has autism, Asperger’s, or another disability, special needs trusts can help ensure financial security for the future.

How is Parkinson’s Awareness Month related to financial literacy? Parkinson’s is a neurological movement disorder with no known cause or cure. The disease progresses as an individual ages and special care for day-to-day activities may eventually be necessary. The cost for live-in care or a nursing home may deplete a senior citizen’s assets and income later in life. According to the Parkinson’s Disease Foundation, 60,000 Americans are diagnosed annually. Families can create a long-term care plan with an elder law attorney. By creating a plan in advance, family members can prepare for medical and housing costs by preserving their eligibility for public benefits like Medicaid. Ask an elder law attorney in North Carolina about Medicaid Trusts and other special financial planning tools.

How finances are managed today creates long-term effects. Schedule an annual meeting with an estate planning attorney in North Carolina to address present and anticipated financial needs. Life events like a marriage, a new baby, or a major illness or disability may require important estate planning changes to preserve finances for you and your family.