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May 2013 Money Magazine

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Using the Letter of Intent to Plan for Your Child Today

 

describe the imageFinancing Your Vision for Your Child: Using the Letter of Intent to Plan for the Future Today

The Letter of Intent (LOI) has long been utilized as a tool to guide guardians, trustees, siblings and others to care for your dependent child when you, as parents, are unable to do so. In many cases, it contains detailed information that only a parent would know about their child’s history and personal preferences. In every case, it is a document that views the child’s life today and in the future through the eyes of his or her parents or guardians.

The actual composition of the LOI requires gathering and recording the people, places and services relating to your child. It also involves sorting out one’s feelings and defining expectations when thinking about the future for your child with spe- cial needs. Every child is unique and this document will be unique: it should be flexible, clear and personal.

Asking the Right Questions
The art of successful planning involves knowing the right questions to ask, not just working with data. Since developing the Five Factors of comprehensive special needs planning, we have organized the content of our LOI based upon these key
elements in planning for your child’s future. Many families need a catalyst to en- courage them to begin the planning process. An LOI can act as this catalyst by ask- ing thought provoking questions. The LOI and your overall plan needs to be peri- odically reviewed and revised and it is important to provide your child’s future caregiver with an updated copy.

Financing Your Vision
Although completing an LOI is a crucial step in assuring the care and wellbeing of your child should you die, this document may also serve a very important function while you are alive. The LOI may be used as a basis for financial planning to achieve your vision for your child today.

Download a letter of intent by clicking on the image below.

  Receive a template for your Letter of intent