For parents of adult children who suffer from mental illness or addiction to drugs or alcohol, the planning challenges combined with the strong emotions involved can seem overwhelming. The last thing you want to do is provide your loved one with assets that enable addiction or, in the case of mental illness, violate limitations on the number of assets a person can have and still qualify for government benefits. A major problem faced by parents of troubled adult children is admitting that their son or daughter is not simply “going through a phase” and will “come around” over time. Another is trying to picture the child’s future. When children suffer from addiction or a mental illness such as schizophrenia, it is very difficult to make any type of prediction about what they will need financially or the type and level of care that will be required down the road. Periods
Continue Reading... →