skip to main content
skip to newscasts

Tuesday, April 23, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Biden administration moves to protect Alaska wilderness; opening statements and first witness in NY trial; SCOTUS hears Starbucks case, with implications for unions on the line; rural North Carolina town gets pathway to home ownership.

view newscast page
play newscast audioPlay

The Supreme Court weighs cities ability to manage a growing homelessness crisis, anti-Israeli protests spread to college campuses nationwide, and more states consider legislation to ban firearms at voting sites and ballot drop boxes.

view newscast page
play newscast audioPlay

Wyoming needs more educators who can teach kids trade skills, a proposal to open 40-thousand acres of an Ohio forest to fracking has environmental advocates alarmed and rural communities lure bicyclists with state-of-the-art bike trail systems.

Special Needs Children Need Lifelong Financial Planning

play audio
Play

Monday, June 20, 2011   

COLUMBUS, Ohio - Over the course of a lifetime, it can cost more than $3 million to care for a person with autism, according to a study published by Harvard University. So when it comes to mapping out plans for a child's future, experts say, the sooner the better.

Lynn Tramontano, a financial professional with Prudential in Columbus, helps families plan for their loved ones' futures. She says parents need to consider their assets, goals and feelings about what they want for their child when they are gone.

"As parents, we always want to take care of our children the best we can and provide them a quality of life, and so the planning, the core important part of the planning, includes that factor of providing quality of life for their child."

When a parent passes away, Tramontano says, there are complicated issues involved in the transfer of assets. She says as they plan for the future, an attorney or financial adviser can talk parents through their options, such as a Special Needs Trust, and advise them of state and federal programs that provide assistance.

Many individuals with disabilities qualify for government benefits such as Supplemental Security Income and Medicaid. And Tramontano says factoring those into the transfer of assets can be tricky.

"Their child cannot have assets more than $2,000 in order to qualify for SSI, and likewise the child with a disability cannot have more than $1,500 and stay eligible for any Medicaid services."

Tramontano says her most important message for parents is to not wait to think about the future.

"You don't want to delay these plans. You don't want this to be something that's put on the back burner, because we just never know when these issues will hit our family. So, the urgency is very real."

According to the Autism Society of Ohio, more than one child in 110 has an autism spectrum disorder.

The Harvard study is at www.hsph.harvard.edu.

For help finding a financial professional, contact the Autism Society of Ohio at www.autismohio.org




get more stories like this via email

more stories
Several Mississippi correctional facilities offer both short-term (12 weeks) and long-term (six months) alcohol and drug programs with individual and group counseling for treating alcohol and drug addictions. (Wesley JvR/peopleimages.com)

Social Issues

play sound

Mississippi prisons often lack resources to treat people who are incarcerated with substance-use disorders adequately but a nonprofit organization is …


Social Issues

play sound

April is Second Chance Month and many Nebraskans are celebrating passage of a bipartisan voting rights restoration bill and its focus on second chance…

Health and Wellness

play sound

New Mexico saw record enrollment numbers for the Affordable Care Act this year and is now setting its sights on lowering out-of-pocket costs - those n…


Migrants are put on buses from Texas to other states, often without knowing where they are going. (afishman64/Adobe Stock)

Social Issues

play sound

The future of Senate Bill 4 is still tangled in court challenges. It's the Texas law that would allow police to arrest people for illegally crossing …

Social Issues

play sound

Residents in a rural North Carolina town grappling with economic challenges are getting a pathway to homeownership. In Enfield, the average annual …

Social Issues

play sound

A new poll finds a near 20-year low in the number of voters who say they have a high interest in the 2024 election, with a majority saying they hold …

Social Issues

play sound

A case before the U.S. Supreme Court could have implications for the country's growing labor movement. Justices will hear oral arguments in Starbucks …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021