Build a financial plan for child with special needs says Laura Bianchi, Chair of RLG’s Estate Planning/Asset Protection Department, in order to protect that child from the state

By Rachel Louise Ensign

The Wall Street Journal

When Brian and Jessie Waldron’s son was diagnosed with Down syndrome minutes after birth, “financial planning was the last thing on our minds,” says Mr. Waldron.

But a few months later, the Waldrons went to a seminar held by a financial planner from MassMutual, one of a number of advisers specializing in families with children with special needs. The couple immediately realized they needed help.

With the planner’s guidance, the couple has revamped their retirement savings, purchased more life insurance, and, most importantly, set up a special-needs trust for their son, who is now three years old.

Mr. Waldron’s advice to other parents in his situation: “Use the resources that are out there because there are a lot of them.”

Statement by Laura Bianchi, Chair of RLG’s Estate Planning/Asset Protection Department:

““Having a complete estate plan in place is important for every family, however, having an estate plan that meets your child with special needs financial, medical and guardianship is essential.  It is critical that you not only prepare a plan for their care, well-being, ongoing medical and therapeutic needs, guardianship, education and quality of life, but that you also ensure the financial obligations of each of these items is established and implemented.  To fail to do so would have a devastating effect on your child, as those needs would then be left to the State of Arizona  . . . a terrifying thought for any parent.”

If interested in discussing estate planning/asset protection, you can contact Laura Bianchi, Chair of RLG’s Estate Planning/Asset Protection Department, @ lbianchi@roselawgroup.com

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