In this Estate Planning Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses the importance of insurance and special needs planning.
Special Insurance Needs For Special Needs Parents
I’m going to talk to you a little bit on the importance of insurance and special needs planning. Parents of a special needs child, whether we’re talking about a young child or an adult one, play an absolutely critical role in their child’s lives, and replacing what that parent does can be a really tall order. How that situation is addressed can be of critical importance.
For parents, first of all, insure against your death. If you have two parents, one works, one stays home with the child, replacing either parent is going to take quite a bit, but also insure against other risks. The inability to work or a working parent due to disability, or even long term care needs for an older parent.
For grandparents, sometimes if you have a limited amount to provide for a child, the smartest thing that you can do is to buy life insurance on the parents, so their efforts can be replaced upon their death.
For more information on Special Needs Planning, visit these articles:
- Asset Preservation Planning and Adult Special Needs Children
- The 9 Most Common Mistakes in Special Needs Planning
- The Advantages of a “Stand Alone” Special Needs Trust
“Your Trusted Advisor on the Elder Care Journey”
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.