Special Needs Child Savings Plan

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NeedToKnow

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Can anyone recommend a saving plan that parents can contribute to now, that will provide for a child with special needs after both parents are dead.
 
You may want to take out term or whole of life life assurance in case either parent dies. This is not a savings plan but will pay out a lump sum in the event of the death of any insured individual. I don't know of any special savings/investments plans that are geared towards this specific situation. In the absence of any such special plans then it might make sense to invest in a low charges unit linked equity plan (managed fund or index tracker - not tracker bond mind you) for the medium/long term. If in doubt get independent, professional advice.
 
Child Savings Plan

Any suggestions for a long term savings account for a child. Probably won't be touched, other than deposits for 5-10yrs. A post office savings account has been suggest to me, but is there any advantage over any other type of long term savings account? Or does it depend just on the specific account you choose?
 
There are several threads on this topic already that might be worth checking out. Personally I would (and am) doing a monthly contribution (any other low charges, flexible, open ended fund would do the same job) for the nipper as a medium/long term investment. But I might spend it on a red sports car if I have a mid life crisis in the meantime. :)
 
Any long term saving plan may suffice but the real planning needs to be done for your passing.

Will the money be distributed through a trust or directly to the child. You have other issues to deal with. HSE if long term care is needed and how this money would affect his Social Welfare entitlements.

Go to a good Tax/Legal expert before you set this up
 
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