For the vast majority of families, parents have the sole responsibility for the care and support of a child with special needs or a disability. We’ve discussed the need to plan for the care of your child should you pre-decease them, but what happens if you yourself become incapacitated?
With children living longer and 75% of adults with disabilities living at home, there are almost one million households with caregivers over the age of 60. A report from Family and Individual Needs for Disability Supports (FINDS) found that most caregivers have serious concerns about what happens to their child after they can no longer provide care. And for good reason. Consider these facts:
- About one in seven Americans over the age of 70 have some form of cognitive impairment. That figure increases dramatically as we age, with 37.4 percent of adults in the U.S. who are 90 and older having a level of diminished capacity.
- There unfortunately is a trend in financial exploitation of elders and individuals with cognitive impairments, such as Alzheimer’s or dementia, are especially vulnerable.
- Most individuals interested in estate planning are focused on providing for their loved ones after death, but an essential aspect of overall plan is ensuring the individual themselves are covered during life.