At some point, many families will confront a medical or personal care expense. This expense is beyond what they could ever have imagined. It might be a child or grandchild born with special needs. It could be a husband or wife diagnosed with a debilitating disease.
Facing these challenges, ordinary estate planning flies out the window. You see a specialist who understands not only the financial needs but also the complicated emotional state of all the family members. A spouse’s illness might eat up the family savings. A child born with special needs could absorb all the parents’ time and money. This is at the expense of healthy children. Parents could disagree about who should become the future caregiver or trustee of the child with special needs.
He challenges of raising children with special needs often break up a marriage. Unfortunately, it is usually the husband who checks out. Mom then becomes the primary caregiver. All too often, caregivers haven’t made a financial plan.