2¢ worth

Q. What financial planning advice do you have for parents of a child diagnosed with autism?

A. Learning that your child has autism can be devastating. However, there are steps you can take to improve the financial security of your family and your child.

First, locate legal and financial experts who serve the special needs community. Your planning requires working with professionals with specialized knowledge. Your "dream team" should initially consist of a special needs attorney and a financial planner. As time progresses, other specialists can be added to your team.

The special needs attorney will draft or revise your estate plan to provide special needs trusts for your child. Special needs trusts will allow your child to qualify for government-funded programs and benefits while preserving and protecting your family's assets.

The financial planner will help your family analyze future needs, prioritize goals and develop a strategic plan for accomplishing them. The planner should also refer you to other advisers and advocates as needed.

Finally, develop a network of friends who face the same challenges. The insights and emotional support derived from the friendships will help you stay positive and focused when times are most difficult.

Michael C. Walther II is a member of the Financial Planning Association of Illinois and can be contacted at info@fpaillinois.org. This or another planner in your ZIP code area can be reached by going to PlannerSearch.com.