Life Planning

Who will care for my loved one when i’m gone? Will my child be taken care of?

We know that there is a lot for a parent to deal with on a daily basis: finding the right therapy, the financial issues, family and work juggling, etc.

However, you need to fit thinking about the future into your schedule.

Future Care Planning involves 3 main aspects:

Legal Planning;
Financial Planning;
Life Care Planning.

Each plan is unique, based on the individual’s disability, the family dynamics and the family finances.

Legal Planning involves:

Is there a Will or a Trust? How will the parent’s assets be divided amongst the family members?
Who will be the child’s guardian while the child is a minor?
Is the disability such that the child will need a guardian when he / she is an adult? Parent may need to proactively seek guardianship order.
What services does the child need from the government? What are the eligibility criteria in your state?
Have the parents set up a Supplemental Needs Trust – to ensure that the child’s governmental benefits are not jeopardized with an inheritance?
Will the child be able to handle his own money in the future? If not – who will be the Trustee of the Trust and manage the child’s money?
Is the child named as a direct beneficiary on any financial accounts? This may cause an issue with governmental benefits.
What if the parents become incapacitated? Have they done their own planning: Power of Attorney, Health Care Proxy, Will and Trust?

Financial Planning involves:

Selection of assets to enhance the wealth;
Ensuring liquidity in the event of a sudden event (where will the funds come from to pay the mortgage?);
Ensuring there is a plan for long-term care of parents;
May involve purchasing a life insurance policy, long-term care insurance policy, annuity, etc.

Life Care Planning involves enhancing the life of the individual with disability:

Finding an appropriate place to live;
Finding an appropriate medical provider, social worker, service coordinator, etc.;
Finding an appropriate job and / or recreational activities;
Advocating for the person with disability based on his / her needs and preferences.