Merrill Lynch has developed a financial calculator
exclusively designed for families of children with special needs. This tool
helps families structure their finances by factoring the costs of assistive
equipment for homes, such as wheelchair ramps, roll-in showers, and adapted
vehicles for transport. The calculator also considers a child’s ongoing needs,
including replacement costs for equipment, physical therapy and even travel
expenses for medical care.
The interactive calculator uses families’ anticipated income
and expense information based on data that they gather ahead of time. There are
helpful tips at the bottom of each screen to clarify the process. Three screens
divide the calculator into annual income, monthly expenses, and summary of
results sections.
The results project how much a family would have to save and
invest in order to meet the demands of special needs expenses. Families can
then print out the results and bring them to a financial advisor for further
assistance in developing a strategy for planning.
Read more here.