Parenting a special needs child is challenging. While there are many more opportunities for special needs individuals to live independently as adults in Michigan, many in the special needs community may never achieve complete financial independence. This can be a source of worry for parents raising a child who may be disabled physically or intellectually. Prudent estate planning can help to ease the parents’ concerns.
Estate planning in such a situation involves additional priorities to those found in standard estate plans. The plan needs to account not only for the parents plans for retirement but also to provide some financial stability for the special needs child. This can be accomplished with careful planning and consideration of what those needs might be.
Life insurance is one avenue to explore. A solid life insurance policy with the child as beneficiary can provide some peace of mind. Parents may want to set up a trust that uses the proceeds from the life insurance policy to care for the person’s needs. A trustee may be assigned to administer the trust. In addition, a guardian may be appointed to help ensure the well-being of the special needs person.
Planning for the future of a physically or developmentally disabled child can seem to be an overwhelming task. Many parents in Michigan faced with this reality may be at a loss as to where to start. The sooner they start planning for the future the better prepared they will be. Estate planning attorneys who are experienced in setting up plans in these situations may be of help. An experienced lawyer may be able to help them prioritize issues that need to be solved now and help them to establish a plan for the future.