Special needs parents tend to think of themselves as a team asking, “What happens if something happens to us?” But, the focus really should be on what happens if something happens to one of you.
What we typically see is that one spouse works and the other one provides or serves as the primary caregiver for the special needs child. It’s easy to see that if the family bread winner would die or become disabled, how there would be a need for money. But, what people often overlook is that the same thing is true if something happens to the caregiver family member. Their services are just as valuable and just as difficult to replace.
In this Estate Planning Minute, Wes Coulson, Southern Illinois Elder Law attorney, speaks to parents of special needs children and offers his advice on why you should consider the need for insurance.
Special Insurance Needs For Special Needs Parents
Transcript:
Hi, I’m Wes Coulson and this is your Estate Planning Minute. I want to talk again today particularly to families that include a special needs family member. And I want to open your eyes, if you’re the parents of a special needs child, to what I think is really a need for you to consider the need for insurance.
Special needs parents tend to think of themselves as a team. They ask, “What happens if something happens to us.” But, you need to focus, I think, on what happens to one of you.
What I see most typically is that one spouse works and the other one provides or serves as the primary caregiver for the special needs child. And it’s easy to see that, if you will, if the family bread winner would die or become disabled how there would be a need for money. But, what people overlook is that the same thing is true if something happens to the caregiver family member. Their services are just as valuable and just as difficult to replace and it’s going to cost money. And I mention disability, you need to be concerned not only if one of you dies at an early age, but if one of you becomes disabled at an early age. So, it’s easy, so easy, to focus on the day-to-day needs of your special needs child, but occasionally you need to step back and take the longer view and make sure that you’ve protected against things that may go wrong. Thanks so much.
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”
Dent-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 Dent-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.
