For a family with a dependent with special needs, planning is a necessity. In a recent Exceptional Parent web survey commissioned by Northwestern Mutual, being "unsure of what steps to take" is cited among the most common challenges parents face when preparing for the future of their child.

Developing an effective financial roadmap usually involves five steps:

Step One: Setting Goals
It's important to develop a clear vision of how you want your child or dependent to live. Also consider a future assuming both parents are no longer around. Special considerations include:

• What kind of life would you like the person with special needs to have?
• How will he or she live without you?
• What other requirements are important to your family — retirement, education funding, etc.?

Download The Letter of Intent to help set your goals.

Step Two: Assessing Your Current Situation
Determining the cost of providing the desired quality of life for the entire lifetime of a person with special needs is challenging. Special considerations include

• The possibility that the government programs or funding the dependent relies on today may be reduced or eliminated in the future.
• What it will cost to continue the current services provided once the child is no longer part of the educational system.

Northwestern Mutual is proud to partner with
National Care Advisors (NCA), a care management consulting firm staffed by qualified and experienced rehabilitation nurse consultants with a wide range of multi-state experience in special needs care planning and government benefits management.

Step Three: Developing a Plan
One of the most challenging aspects of planning is thinking about the possibility of dying before the child does and entrusting his or her lifelong care and well-being to someone else. Special considerations include:

• A will.
• A guardian.
• A letter of intent to future caregivers.

Step Four: Implementing the Plan
Implementation is arguably the most important phase of planning. A financial professional can provide you with specific risk protection and investment solutions, and your legal counsel can help ensure that you have the necessary documents drafted with the appropriate wording.

Step Five: Keeping Your Plan Up to Date
Once your plan is established, you'll need to continually monitor it to ensure that it continues to help you progress toward your goals.