Parents supporting children with disabilities face increasing expenses with less income than most. In addition to saving for their own retirement, pay down their mortgage and cover the costs of day-to-day living, they are concerned about ensuring their child’s long-term financial security.
There are government programs that can help fill some gaps, such as the Ontario Disability Support Program (ODSP), but they are complex, demanding an entirely different approach to planning for your child and your family as a whole. Common financial strategies and estate planning can easily jeopardize the very benefits they need to rely on.
It takes more than securing ODSP and opening a Registered Disability Savings Plan. Effective financial management is maximizing finite resources to accomplish key goals in a coordinated manner.
Our experience has helped many individuals and families in these areas:
- Identifying key issues and priorities
- Determining the appropriate financial products and services regardless of budget
- Helping applicants restructure their assets to qualify for ODSP
- Implementing short and long-term savings strategies to supplement ODSP benefits
- Estate planning strategies, including the use of Henson Trusts
Your situation is not typical. The guidance you receive shouldn’t be either.