Q. I recently read an article in CNBC that’s states that, “It can take millions to care for your special needs child.” The article describes how one family needed $3 million to cover the cost of lifetime care for their 23-year-old son who has autism. We have a son with autism who is currently 7. We already take him to three different therapies, none of which are covered by insurance, to insure he has the best assistance available in the areas of speech, motor skills, and social skills, and we are considering private school for him at $30,000 a year. He will likely need continued assistance after he is done with high school. What are some ways that we can plan for him to help cover the lifetime cost of his care, and to ensure that he will be cared for should something happen to us? Also, I heard about the ABLE Act and that there have been some changes enacted this year. Could you explain more about that and what strategies are best for someone in our situation? Thanks for your help!

Dear Magic,

Our daughter has special needs. We have money set aside for her in a special needs trust and we have an ABLE account set up. We want to do more to plan for her future. I heard about something called a Life Care Plan. What is it and what are all the things that are included in one?

Thanks,
Juana Dumore