Taking Care Of Special Needs

Christine isn't sure of what to take care of for her special needs daughter, but she does after hearing Dave.

QUESTION: Christine wants to get a will for her 17-year-old special-needs daughter. She can’t get work, and Christine wants to know how they can set up guardianship for her. This one is a bit complicated, but not for Dave.

ANSWER: As far as a will goes, you assign a guardian to the child, and there is a special needs trust that can be set up and assigned to her. You leave money in that trust to care for her under the direction of a trustee. You can direct the trustee to invest the money however you see fit. I would invest in mutual funds with good long-term track records. Upon your death, you fund that trust with the money you leave at your death. Until you have that cash in place, have term life insurance.