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Life insurance plans can get complicated when involving guardianship issues

Posted On Fri, January 8, 2010

Families that include children with disabilities have a special set of issues that must be properly attended to when dealing with life insurance policies to ensure that guardianship issues are never called into question.

In many cases where a child is diagnosed with some type of disabilities that require lifelong assisted care, any brother or sister is usually the first choice to take on guardianship rights once their parents are no longer able to provide care.

However, oftentimes such a transition of rights can be fraught with troubles that could leave both caregivers and disabilities in an extremely tough spot both financially and legally.

"There are legal issues, education and health care challenges, and financial and future planning concerns," said Ryan Platt, a certified Special Care Planner with life insurance company Hinrichs Flanagan Financial. "These factors become even more complicated as the child ages. A mistake in any of these areas can have a severe impact on the quality of life of the person with disabilities. That's why it's so important to communicate and to plan."

One way to help clear up any complicated questions that can arise when parents are setting up life insurance plans that include issues involving guardianship is to work with a expert on the subject. However, in searching for the expert, it may be best to venture online and do research to find one that provides the best value.


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