Having a child changes everything, especially if your child or grandchild has special needs. To ensure proper protection and provision now and for the long haul, very specific and careful planning is required.
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.
The close coordination between your legal planning and your financial planning must taken into account the potential lack of public assistance resources in the future. 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"