Q: How can having a special needs child impact a parent’s estate and retirement planning?
It’s no secret that having a child with special needs often presents parents with financial and other challenges. Unlike other parents whose financial responsibility to their children generally ends in their early 20s once they’ve left the nest, special-needs parents often house and provide financial support throughout adulthood – – sometimes until their own passing.
Therefore, parents must consider their special needs children when doing their retirement and estate planning and should seek advice from a skilled New York and New Jersey estate planning attorney.
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