Planning for families with children with special needs is an important subset of financial planning that should be regarded as a specialty. It is important for parents of children with special needs to to do their research when it comes not only to the government programs that are out there, but the products and plans that may make their lives and their children’s lives a bit easier.
I was reviewing a client's estate plan the other day, and was shocked to see this very common special needs planning technique. It isn't a rare technique, and it seems very natural but is often a terrible idea. The document provided that the child with special needs was proactively disinherited. More often then not it is a terrible idea to fully disinherit a child (who actually may be an adult at the time of draft) with special needs in favor of the other children. Not only is it a terrible idea it could be actually be considered legal malpractice depending on the [...]