2 days Ago
Ensuring the future of a specially-abled child requires more than love and care—it demands meticulous financial planning. Parents navigating this journey often turn to special needs trusts, a strategic move to secure their child's financial well-being and independence. Rachna Khare, 55, from Bhopal, understands this deeply.
She recently established a trust for her 28-year-old son, Rachit. "By the time my son turned 21, we helped him transition to an assisted living setup. Once he settled, we focused on securing his financial future and consulted professionals who advised us to create a trust," Khare said.
Likewise, Sunil Kawariya, 36, a financial professional in Bengaluru, who works at Right Horizons Portfolio Management Services Pvt Ltd, helping parents in this crucial task, has set up a trust for his seven-year-old daughter. A special needs trust, also known as a private family trust, allows parents to transfer their wealth and appoint trustees to manage it on behalf of their specially-abled children. These trusts are governed by the Indian Trusts Act, 1882, and can be tailored to fit the specific needs and dynamics of each family.
Trustees can be family members, friends, or even professionals from NGOs or residential homes where the child receives therapy or support. However, identifying trustees is a critical factor, as they will be responsible for managing the trust after the grantor's demise. For instance, Sachin Chopra, 44, who is trying to set up a trust for his 48-.
