I am 40 year old. What is best course of action to help him in future when I am not around.
First of all I see (2) issues with this. Providing as parents while you are here, and possibly providing if you are not here. I am only going to address the topic that you mentioned "when I am not around". Unless if you are made of $$, I would no doubt set up a Special Needs Trust. Typically, a special needs trust is a trust created to provide for the special needs of a child's supplemental needs (as opposed to primary needs). The objective is to design the arrangement so that public governmental benefits, for which the child may be eligible, will pay for the child's primary needs. If properly designed, the trust can only provide those comforts and special items not otherwise provided by public assistance programs to help make life more pleasant for the child.
The distributions from the trust are discretionary to prevent claims that the trust must provide for the needs of the special child. Some specialists suggest that the trust document name other children as beneficiaries also. The trustee is then in a position to argue that he has fiduciary duties to consider the needs of all the beneficiaries. I would highly recommend funding this trust with life insurance.
Source(s):
Tools and Techniques of Estate Planning 14th Ed. Can purchase from the National Underwriter Companies.
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