Viking Magazine - April 2020 - 11

Life insurance is one of the best
ways to prepare for your financial
future-especially when you have
a child with special needs. " I think
the number-one consideration [for
parents of children with special
needs] is the uncertainty of costs, so
it's important to be prepared with
whatever funds you can, " says Sons
of Norway Regional Sales Director
Jared Gostanczik. " If you have life
insurance on both parents, you're
replacing that income in a very
affordable way. "
Life insurance is
one of the best
ways to prepare
for your financial
future-
especially when
you have a child
with special
needs.
For a complimentary consultation with your
Sons of Norway Insurance Professional, visit sonsofnorway.com.
In particular, he recommends whole
life insurance products, such as Sons
of Norway's Whole Life Insurance,
which can help provide peace of
mind with features like guaranteed
premiums, tax-free death benefits
and tax-deferred growth on the cash
value of the policies. This cash value
can be borrowed against in times of
need without having to be repaid-
instead, it's subtracted from the death
benefit-kind of like an " emergency
fund vehicle " for unexpected
expenses, such as medical bills.
Planning for Special Needs
" Planning for children with special needs involes numerous emotional and intellectual issues, which may make it difficult to
know where to begin, " says Sons of Norway Regional Sales Director Jared Gostanczik. Here, he offers tips for getting started.
Start now.
" It's human
nature to put
off thinking
about difficult
topics. However,
waiting to plan
for your loved
one with special
needs may have
unintended
consequences, "
he says.
Review your
situation and
resources.
Think about your
personal goals
and objectives,
and create a
vision statement
of how you
imagine your
child's future.
Then, take stock
of the available
resources that
could help
accomplish
these goals.
Don't place
assets in
your child's
name.
Doing so could
jeopardize his
or her ability
to qualify
for certain
government
benefits. One
option is a
special needs
trust that
allows assets
to accumulate
over time for
the benefit of
your child.
Arrange
Seek
guardianship.
" It is essential to
nominate a suitable
guardian to provide
care for your loved
one when you are
no longer here to
do so, " he says. " For
a child with special
needs, that guardian
relationship
can extend into
adulthood. " A letter
of intent detailing
what parents want
for their children can
serve as a roadmap
for guardians.
professional
advice.
" Financial and
estate planning can
be overwhelming,
particularly with
loved ones with
special needs, " he
says. " It's important
to work with a good
team of advisors-
your financial
planner, attorney
and accountant-
who specialize
in this area and
take the time to
understand your
unique situation. "
Arrange funding.
From necessities to
basic pleasures, your
vision statement will
dictate what these
things are and how
much is needed.
Be aware
of statespecific
legal
considerations.
State-based laws
and regulations may
affect how benefits are
administered.
sonsofnorway.com VIKING APRIL 2020 11

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Viking Magazine - April 2020

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