Page 24 - Dr Pamela Peeke

Family Life Planning for the

Special-Needs Child

By Joseph M. Marcarelli II
Attorney-at-Law

Parents who are raising children with special-needs
face extraordinary financial challenges.

So daunting are the challenges, that according to
studies, 74% of parents of children with autism fear
that there won’t be enough money to meet their chil-
dren's financial needs after the parents die. About 2.8
million children have disabilities in the USA.

In addition to handling high medical expenses, parents
of special-needs children also must juggle medical
appointments, therapy, and special care, which often
demands one spouse, has to leave the work force.
With retirement plans devastated by recent market
declines, the situation can appear hopeless to many.

However, there is help available. Financial and legal
advisors now view families with special-needs children
as an underserved part of our society. Special-needs
planning is an emerging area of expertise. Some
24 have personal situations that give them the desire to
provide prudent planning. For example one financial
planner, who specializes in special-needs planning,
has a 5-year-old son with Down Syndrome and Type 1
Diabetes. Like many parents of special-needs chil-
dren, his wife stays home to care for their child, who
has two to three therapy appointments a week.

Advisors can indeed help. A team approach is the best
solution for getting the most mileage out of special-
needs trust planning and asset preservation. Tax plan-
ning is also an important part of the process.

One strategy involves creating a special-needs trust
that holds assets for a child's future so that Medical
and Social Security benefits aren't affected. Fund-
ing the trust with assets conservatively invested or
with life insurance, are common strategies. There
are many variables in this type of planning. A skilled
financial planner can be of great help in seeing that
all the family’s needs are met to the extent possible.
Planning is an ongoing process. Things change.
Special-needs planning by professionals is absolutely
a necessity because of the complexities involved. For
the most part only the private sector has provided for
special circumstance planning. So choose your advi-
sor carefully, for you will need them for a long time.
You can contact Mr. Marcarelli and his team if you
have questions. He can be reached at 858-764 2429,
or via email at joemarcarelli@gmail.com

Issue 2, 2009