Mesquite Insurance Agent Continues to discuss the benefits of Financial Planning

Mesquite Insurance Agent discusses the benefits and rewards of Financial Planning for Special Needs Families.

Retirement is just around the corner.

Keys to creating a plan.  Parents have many plans to consider for the future.  An example would be drafting a special needs plan.  This should include drafting of wills and letters of intent, as well as assigning guardianships and conservaorships.  It is important to have legal components ensuring proper stewardship of assests designed to care for the individual. 

On the financial planning side, life insurance and special needs trusts are often the primary tools used by familes for ensuring the long term care of special needs children or audlts.  Life insurance provides tax advantaged wealth transfer from the parent to the heirs. 

Term life insurance is an affordable option, but the parent runs the risk of outliving the term.  Variable life insurance is also an option.  This provides a life time coverage benefit.  No matter the option used, in a special needs case great care must be taken in passing along the death benefit.  This is where a special needs trust comes in.

A special needs trust is a legal entity set up as the beneficiary of the parents’ life insurance policy and any other inherited assets.  The trustee manages the assets on behalf of the individual with the disability.  The trustee will also pay for important expenses.  The special needs trust must be established by an attorney with the entire practices existing to serve this purpose.  Providing for the future of your special needs child or adult is very important.  You do not want to leave the care of your loved ones in the hands of the State or Federal Government.

Mesquite Insurance Agent Sam Morris has been providing long term care insurance, along with residential property coverage, auto insurance coverage, disability income coverage, and general liability coverage to clients in Garland and East Dallas since 2000. Sam is a veteran of the armed services and makes it his personal mission to make sure that you have the right coverage… not too much nor too little. Please call 972-240-8075 today for a personal consultation with Sam.