If you are under-prepared for retirement and, as a result, begin pulling retirement income out of the resources you intend to be part of your estate, you will undermine your best-laid plans.

BUILD A TEAM. It is important that the family seek out advisors who embrace the team planning approach to ensure proper coordination of all efforts. Besides a financial professional, you will need an attorney (preferably one who is experienced in special needs planning), a CPA, and others, such as social workers and medical professionals, all working together. A financial professional should be able to refer you to qualified professionals and will welcome working closely with them on your behalf. If the financial professional you're considering resists working closely with these other professionals, you might consider looking for a new financial professional.

WRITE A LETTER OF INTENT. Although not a legal document, a letter of intent provides you with an opportunity to put in writing important information such as your child's routines. important contact information, medical issues, your preference for how the child should be schooled, your desire for raising your child within the traditions of a specific religion, and other such matters. Preparing this letter can be a clarifying and edifying process that causes parents to crystallize their intentions and verbalize their sentiments, leaving little to interpretation for the future caregiver. The letter is a "living" document that you will update frequently to reflect changing information or preferences. Financial professionals who specialize in special needs usually have sample letters of intent they can provide to get you started. You also can obtain a CD with a sample letter of intent that you can customize by visiting massmutual.com/specialcare.

PICK A SUCCESSOR CAREGIVER. Many families simply assume a child's aunt or uncle or sibling will step in as a primary caregiver should anything happen to the parents, but assuming so without verifying is a dangerous proposition. Sometimes family members do not feel emotionally

or psychologically equipped for the task. Sometimes they might be prepared for one aspect of the job, e.g. providing daily care, but not for other aspects of the job, e.g. managing finances. In fact, families sometimes split duties among two or more people. So, for example, one trusted person could become the primary caregiver to your child while a second trusted person could manage money. Whichever decision you make, decide carefully. Be certain that the person or people you choose can do the very difficult work before them.

CONSIDER A SPECIAL NEEDS TRUST. Many parents may be unaware that if their child were to inherit as little as $2,000 in assets they could be disqualified from many governmental programs, such as Medicaid or Supplemental Security income. A special needs trust, if properly structured, is a mechanism that provides for the child without jeopardizing his or her benefits. For example, a trust can be funded by a donor – usually a parent, sibling, or guardian and the trustee can manage assets in the best interest of the trust's beneficiary, in this case the child. Because the assets are owned by the trust, the child still remains eligible for government programs. A trust can fund a wide range of supplemental needs, such as transportation, equipment, education and rehabilitation, to name a few. There are many ways to fund a trust account; one common one is life insurance.

WRITE – OR RE-WRITE – YOUR WILLS. Assuming you create a special needs trust, write or re-write your wills to ensure that they coordinate with the trust and your

other planning documents. The wills will dictate how you want your estate to be distributed, and by coordinating with the trust, you will avoid unintentionally harming your child's eligibility for governmental programs.

ONE FINAL PIECE OF ADVICE: DON'T FORGET YOURSELF OR OTHERS IN YOUR FAMILY. As parents who spend every waking hour – and many of the hours you're supposed to be sleeping, too – worrying about or caring for a child with a disability, it often is possible to overlook your own financial needs, such as retirement, and/or those of your other children. All of these needs are related and can impact each other. For example, if you are under-prepared for retirement and, as a result, begin pulling retirement income out of the resources you intend to be part of your estate, you will undermine your bestlaid plans.

A truly effective life care plan will address not only the needs of your child with disabilities, but also the needs of the whole family, securing your and their financial futures.•

Joanne M. Gruszkos is responsible for creating and developing Massachusetts Mutual Life Insurance Company's (MassMutual) SpecialCareSM program, offering information, specialists. and financial solutions for people with disabilities and other special needs and their families. A sales and marketing professional at MassMutual for many years, Joanne has created a variety of marketing initiatives to help financial services professionals reach their targeted audiences. She holds industry certifications and securities licenses and most recently earned the certification of "Special Care Planner" from The American College in Bryn Mawr, PA.