Rahul and Deepti’s first born Aryan has been diagnosed with Down’s Syndrome. The new parents have many anxious questions. 

How will they pay for the child’s therapies? How can they ensure their child is financially stable as an adult? Who will oversee his care after they are gone? Their anxiety can only be eased by putting in place a financial plan for Aryan. The two have been saving for retirement and Rahul has life insurance. They are also paying off some credit card bill and a car loan.

There are three things Rahul and Deepti need to do. One, budget for expenses related to Aryan’s care and upbringing. Two, review their existing financial plan and make necessary changes. Three, do estate planning to ensure Aryan’s independence. 

For budgeting, they have to take into account all costs related to Aryan’s needs, including tutoring, transportation and therapies.Some of the expenses will start immediately and will need to be fitted into the monthly budget. They have to calculate how much his care will cost as he gets older and start saving towards a designated ‘special needs fund’. They have to refrain from taking on too much debt.