Financial Planning for Children or Adults with Special Needs

Planning to meet the needs of children or adults who have special needs is often complex. Special financial planning techniques may be needed so you don’t jeopardize any government benefits they may be receiving. Many who have special needs require advice and protection throughout their lifetime from someone with legal authority. This person has the authority to act on their behalf. For most persons with special needs two types of protections are required:

1. protection of the estate left to the individual;
2. protection of his or her person in some form of guardianship.

In practice, provisions for these two types of protection often overlap.

Why should families plan?
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As a business owner, you may depend on a number of key people for the successful function of your business. Many businesses have been built around the strengths and skills of a few individuals whose knowledge, or experience makes them a valuable asset to the business.

Key person insurance can help protect the value of your company and help keep the company running in the event of a death of a key stakeholder in the company. Replacing the knowledge of a vital employee can take time and money and can jeopardize the continuation of the business.

A key person life insurance policy can offer the following benefits:

• Help heirs of the estate to meet tax obligations without effecting the operation of the business.

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As a Canadian insurance broker I have heard many excuses over the years as to why people won’t buy life insurance, here is a small list of the most common excuses.

• I don’t want to leave money to my spouse; after I die they are just going to spend it with their new partner.
• I’m totally healthy I will buy it when my health starts to fail
• We like to travel 2 or 3 times a year and we can’t afford any new expenses right now.
• My kids can deal with it when I’m gone.
• My father and mother lived into their 90s.
• I don’t believe in life insurance,

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