It is always a good idea to start thinking about long-term planning early so that you are financially prepared for the future and your mind can be at ease if future hardship should occur. While estate planning is one endeavor that is best tackled early, long-term health care is another important issue and one that will impact you during your life, as well as impacting your family and beneficiaries. Read more.
College is an investment in your child’s future and it is no doubt worth it, but with education costs rising, it can certainly be expensive. Planning for your child’s education should be a priority and many benefit from starting early. Starting a “college fund” in a child’s early years can be a smart investment, as it maximizes the amount of time you have to save, while also maximizing the amount of interest your money has time to earn. Many consider a 529 College Savings Plan a great way to save for college because it sets aside the money and grows tax-free. But if your child has special needs, there may be more to consider. The Academy of Special Needs Planners recently discussed ‘College Savings for Students with Special Needs’ in their most recent newsletter, highlighting the pros and cons involved with various types of college savings options. Read more.