Special Needs Insurance and Financial Planning
With any family comes responsibility. All parents feel the burden of providing their spouse and children with comfort and security, in their lifetime and beyond. Insurance and financial planning are two important means of achieving this goal. The New York special needs attorneys at Littman Krooks work with many qualified professionals in these areas to provide our clients with a seamless estate plan focused on your family’s overall financial goals.
Nearly 33 percent of adult Americans have no life insurance, which is one of the simplest methods of caring for your loved one with special needs after your passing. That’s an unacceptable number, especially given the simplicity and affordability of many life insurance policies. Even in the case of life insurance, though, parents of children with special needs can’t engage in routine planning. Naming your child the sole beneficiary could cause catastrophic interruption of public benefits; likewise, trusting another beneficiary to care for your child can be dangerous. First, unless a proper trust is established, you have no control over the beneficiary’s use of your money after you’re gone. Second, even if you name a beneficiary with integrity, funds in that person’s name can be depleted due to bankruptcy, divorce, or other legal and financial problems experienced by that individual.
Additionally, life insurance by itself is unlikely to adequately position your family. A quality estate plan will also include disability and long-term care insurance, designed to provide your family with financial security in the event of serious illness or injury compromising your ability to continue earning your current income.
We also work with professionals who can assess your financial planning needs, ensuring that your investments are compatible with your overall estate plan. The financial needs of families with special needs differ greatly from those of other families – so why trust your financial planning to anyone who doesn’t focus on that area?
Our approach to both insurance and financial planning is simple: first, optimize your access to public benefits so your family’s funds grow faster. Second, ensure that appropriate insurance and trusts are in place to protect those funds when they’re needed. Contact a Littman Krooks special needs attorney today to discuss your family’s special requirements for insurance and financial planning.