Parents should start developing a financial plan immediately after their child is diagnosed with a special need
Financial and estate planning for your special needs child or grandchild may be the last thing on your mind while caring for them but planning ahead can ensure proper protection for their future especially once you have died.
The Wall Street Journal recently addressed this subject in an article titled Build a Financial Plan for Special-Needs Child. While you must approach your estate planning with a sense of urgency, the planning itself is an ongoing activity. Nevertheless, with special needs there are special concerns. Estate planning truly is a process and not an event.
Don’t forget to consider the potential lack of public assistance resources in the future while coordinating your estate and financial planning. In addition, remember to factor in the lengthening life expectancies of adults with special needs. Life insurance, owned in the proper manner and in the proper amount, can provide additional financial security and peace of mind.
You can learn more about special needs planning on our website. Be sure to sign up for our free e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.
Reference: The Wall Street Journal (July 28, 2012) “Build a Financial Plan for Special-Needs Child”