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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.
Financial and estate planning for your special needs child or grandchild may be the last thing on your mind while caring for their needs, but know that planning ahead can ensure proper protection for their future.
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.
Reference: The Wall Street Journal (July 28, 2012) "Build a Financial Plan for Special-Needs Child"
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