Many families want to leave behind a little something to
ease their children's way in the world. But for parents of an adult child with
disabilities, the estate plan can be crucial in guaranteeing a loved one's
secure financial future.
As a result of medical advances, adults with severe
disabilities are living longer than ever. So it is critically important to draw
up a financial plan that will protect your retirement and your child's needs
after you're gone, says Nicki Biamonte, a special needs planner with the
MetLife Premier Client Group. "If the child is 30 years old and could live
to 90, that's a long time to plan for," Biamonte says.
Biamonte helps families review their current expenses,
assets and income, and make projections far into the future. If the adult child
is living at home, she estimates housing costs after the parents die. Biamonte
may recommend that the parents buy long-term-care insurance, which would defray
some costs if they become ill, to preserve a nest egg for their child's needs.
To read more on this story, click here: Create a Plan for an Adult Child With Disabilities
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