Your Estate Plan Should Be Proactive, Prepared, and Pliable

BY NADIA D. VANN, ESQ.

ESTATE PLANNING FOR FAMILIES WITH SPECIAL NEEDS

Estate planning requires careful consideration of future needs and plans, both known and unknown. Families with children who have special needs face additional responsibilities, as they must plan for their child’s care and quality of life throughout their lifetime. It is important for all individuals to seek legal guidance to protect their assets, children, spouse, partner or other family members in the event of death or incapacity.

YOUR ESTATE PLAN SHOULD BE PROACTIVE, PREPARED AND PLIABLE:

PROACTIVE

A proactive plan should account for both obvious and less visible needs. Obvious needs may include housing and payment for medical care. Obscure needs may involve planning for future eligibility for government benefits or ensuring protection from financial predators due to the individual’s vulnerabilities. Guardianship or conservatorship for a minor child should also be considered if a parent becomes incapacitated or passes away.

PREPARED

Your plan should anticipate both expected and unexpected circumstances. For example, a sibling may be identified as a future caregiver, but that person may later be unable to fulfill the role. Your documents should allow for transitions in caregiving and management of assets as situations evolve.

PLIABLE

Estate plans should be reviewed during major life events, such as marriage or divorce, or at least every three to five years if no major changes occur. Several key stages in your child’s life should trigger a plan review:

• Birth to age 5: New diagnoses and evolving needs.

• Ages 5 to 18: Ongoing medical and educational planning; late adolescence should include decisions about guardianship or additional decision-making support.

• Age 18 and older: Legal adulthood may involve government benefits, higher education, caregiver transitions and planning for your own aging and care.

PLANNING SUPPORT

Legal counsel can help develop your estate plan. Your attorney may also collaborate with your financial advisor or asset manager to create a plan that reflects your family’s hopes, goals and evolving needs.

ABOUT SPECIALCARE

SpecialCare is a program developed by Massachusetts Mutual Life Insurance Company (MassMutual) that provides access to resources for families of individuals with special needs. A Special Care Planner is a financial professional affiliated with MassMutual who has received advanced training in special needs trusts, estate and tax planning, government benefits, and family dynamics.

DISCLAIMER

Nadia D. Vann, Esq., is not affiliated with MassMutual.

The information provided is not intended as legal or tax advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give legal or tax advice. Individuals should consult their own legal and tax advisors.

CONTACT

Gordon F. Homes, CFP, CLU, ChFC, CASL WestPoint Financial Group / Special Care Planner 900 E. 96th St. Indianapolis, IN 46240 Phone: 317-567-2005

Email: Ghomes@financialguide.com

Website: www.gordonfhomes.com

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