5 Money Mistakes Parents of Special Needs Kids Make

5 Money Mistakes Parents of Special Needs Kids Make

Children with special needs require a lot of attention and care, so parents need to be extra careful when planning their future so as not to make any plans that will put their child in jeopardy or have a serious, long-lasting effect on the child.

In some instances, when the child grows, he or she may not be able to qualify for vital benefits from the federal government or the parents might die without making monetary provisions for the child. This article is centered on parents of special needs kids and the mistakes they make when planning their estates.

1. Disinheriting the Child

When children with special needs reach adulthood, they tend to rely on the federal government to help with their fundamental needs like food and shelter. This is often done through federal means-tested programs (a program in which the recipient’s financial resources determines the eligibility) like Supplemental Security Income (SSI) and Medicaid.


Parents are often advised to disinherit their child to enable them to qualify for the federal programs. This advice is not really the best for a special needs child because these federal programs offer very low finances. A special needs child may not be able to work to get additional money to help out like their counterparts who do not have special needs.

It is more advisable for the parents to open a Special Needs Trust (Supplemental Needs Trust) for their child. The parents can put money in the trust for their child without any risk of disqualifying the child from benefitting from federal programs.

Other family members or well-wishers can also leave money in the trust or set up another one. Also, if the parents die or become impaired, the child’s trust will be able to support the child.


A Special Needs Trust needs to be set up by an experienced attorney to avoid complications. It is important not to do it on your own; an attorney can help you align your life insurance, retirement accounts, and other beneficiary accounts with the Special Needs Trust of your child.

2. Procrastinating

Parents need to plan in advance for a time when they’ll die or simply won’t be able to cater financially for their child. Since nobody knows what could happen tomorrow, the earlier we plan, the better we can secure our children financially. Parents who do not plan ahead could die and end up leaving their special needs children with no resources to maintain the standard of living they were used to. Especially for parents who own businesses or do freelance work, setting up automatic systems for taking care of business concerns needs to be done today, not tomorrow.

3. Not Making Your Planning a Team Effort

Parents cannot work alone when making an estate plan for a special needs child. The process is very complex and therefore requires the services of people experienced in special needs planning to make sure the plan goes well. They need an attorney with experience in special needs, a life insurance professional that will help plan the money needed to increase the benefits needed for the child, a CPA to prepare the tax return of the trust, an investment adviser to manage the finances so that the money in the trust fund will last for the whole of the child’s life, and also any other advisers that may be able to help in the success of the trust.


4. Ignoring the Particular Needs of a Special Needs Child

Plans that are focused on the particular needs of a special needs child have to be made. If the planning doesn’t meet their needs, the child will not qualify for government benefits. Setting up a proper Special Needs Trust will satisfy the child’s needs and also allow the child to be eligible for benefits. The trust must satisfy a lot of needs, like medical bills, annual check-ups, any special equipment (like a specially equipped van), training, education, insurance, transport, and feeding.

A properly funded Trust will go much further in providing the child with electronic equipment, appliances, and computers, fund vacation trips for them, allow them to go to the cinema and have a good living situation, and provide many other things that a parent wishes for their child to improve their quality of life.

A generic or “form” special needs trust has very strict distribution policies, and so the child may not be exposed to some things that he or she would normally have enjoyed.


5. Including a “Payback” Provision in the Trust

Payback in the trust means that if the child dies, any money remaining in the trust is given to the government and not the family. This payback clause is a mistake made by most parents. An experienced attorney can be employed to make sure that money left goes to the family instead of the government.

Featured photo credit: Visit St. Pete/Clearwater via

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.


Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.


3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.


Here are some ideas:


Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.


Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via


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