LifePlan Portal > Financial / Estate Planning
Introduction to Estate Planning
by Steve Rhatigan
The reality of the lives of those families charged with the care of a child or sibling with a disabling condition is best described as a “daily marathon,” essentially head down and flat out forward. It allows little time for anything but the tasks at hand, with little time for reflection or preparation. This is not a conducive environment for planning. But plan they must, for even though life itself is unpredictable, the fact that there is a beginning and, most assuredly, an end, is a reality we all must face.
The first step in the process is the Care Plan. This is a historical accounting of the level of physical and financial support that is required on a daily basis to maintain a safe environment. Each person, regardless of labels, is unique. The supports may be minimal or extreme, but whatever they are, the Care Plan is the starting point and foundation to the development of a long-term, comprehensive plan. It is also the measuring stick for every other decision in the plan, including choices about successor caregivers, guardians, trustees, potential residential placements and finances. It is a big puzzle which requires attention to detail, if it is to be effective.
As difficult as it is, the importance of proper planning cannot be underestimated, and the time to start is now. You owe it to yourself and your loved one.
Steve Rhatigan has been in the financial and estate planning profession since 1978 and is currently a private consultant, frequently speaking to professional groups across the country on issues related to special needs planning. For more information, visit Stemark Associates.
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