Under the best of circumstances Americans often still have difficulty planning for their retirements. It is especially difficult for parents of children with special needs.
When parents of children with special needs start planning for their own retirements they also have to plan for how their children will be taken care of after they pass away. Most understand intuitively that they will need to save more money than their peers because they need to ensure sufficient assets are left to take care of their children.
What many do not know is that they need to be careful about how those assets are going to be left for their child with special needs. This topic was the subject of a recent Market Watch article entitled “Parents of special needs children plan for two futures.”
There are two major legal vehicles parents will want to know about and consider taking advantage of:
Reference: Market Watch (July 7, 2016) “Parents of special needs children plan for two futures.”
© 2020 Legacy Law Center