Estate Planning for Children with Special Needs | David Parker

Having a long-term financial plan in place is crucial for parents of a special-needs child.

Having a child changes everything, especially if your child or grandchild has special needs. To ensure proper protection and provision now and for the long haul, very specific and careful planning is required. It will help parents juggle saving for the child?s care as well as for college for other children and their own retirement. It also will help guarantee that the care?and the money to pay for it?will continue once the parents are no longer around. It?s an important consideration of NY estate planning when you have a special-needs child.

The Wall Street Journal recently addressed this subject in an article titled Build a Financial Plan for Special-Needs Child. Parents should start developing a plan immediately after their child is diagnosed with a special need, says Anthony Luppino, a special-needs adviser at Merrill Lynch. You?ll want an adviser who works with special-needs attorneys, advocacy groups and government-benefits providers. Becoming aware of the potential costs of caring for your child is an important issue of New York asset protection and any such potential costs should be incorporated into your estate planning.

The close coordination between your legal planning and your financial planning must take into account the potential lack of public assistance resources in the future. 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.

Careful estate planning with regard to special needs children makes good use of trusts, designating a trustee or group of trustees to manage the special-needs trust. Typically, parents are the trustees and name a person or persons to take over when they die. It may be a good idea to spread the trustee responsibility over a small group of trusted individuals. As always with estate planning, begin your planning early, update it often (it?s a process and not an event) and consult competent professional counsel.

Reference: The Wall Street Journal (July 28, 2012) ?Build a Financial Plan for Special-Needs Child?

Source: http://parkertrustlaw.com/estate-planning-for-children-with-special-needs/?utm_source=rss&utm_medium=rss&utm_campaign=estate-planning-for-children-with-special-needs

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