Free web-based calculator can assist special needs families in getting an idea of future income needs
Harty Financial, a Boston-area financial services firm, has launched a free online calculator that can assist special needs families in getting an idea of their children’s future income needs for estate planning purposes. This is typically an area of planning that is difficult for families to tackle and can be a source of anxiety for parents concerned for the long-term future of their children.
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“Though there is no substitute for planning with a family on an individual basis, we believe that this calculator has the potential to be transformative to the millions of Americans with a child with special needs,” says Caleb Harty, co-founder. “Our objective is to help parents check off the peace-of-mind box, and getting an idea of how much money parents may need to leave behind is one step toward that goal.”
“What we think is really helpful about this calculator,” says firm co-founder Brendan Harty, “is that it utilizes our own observations about actual costs that parents face, such as housing and lifestyle preferences, rather than asking parents to supply those numbers themselves.”
The calculator, available at www.specialneedsmap.com, has an intuitive interface that guides the user through a series of questions about them and their child. At the end, it supplies an estimate, based on the input information, for how much money may be required at the parent’s death to help fund a child’s long-term needs.
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