Whole life insurance/special needs trusts

Today my DH and I met with a special needs lawyer who sets up special needs trusts and wills, and also with him was a financial planner who sells whole life insurance policies. They gave a presentation at my son's school and we decided to check it out. The financial planner said that the whole life policy will fund the trust when both my dh and I pass. I wanted to know if anyone else went this route?

I talked to my coworker about it she says she thinks whole life is a "scam"...

Whole life insurance/special needs trusts

In terms of whole life, if it wasn’t going into a trust I wouldn’t do itZ because it would go into a special needs trust I would if I did it for my child. I work in the field in a residential setting and many of our older clients have special needs trusts that have some portion of funding this way. Talk to Saundra Gumerove (google her number) she’s the best there is she won’t steer you wrong. She had a daughter that lives in one of our programs and is extremely educated in this area

Re: Whole life insurance/special needs trusts

Thank you. Yes the beneficiary would be to the special needs trust. The life insurance guy works with the lawyer. I didn't see Gumerove but another lawyer that also is recommended.

Message edited 5/17/2018 2:02:15 PM.

Re: Whole life insurance/special needs trusts

Any type of permanent insurance will fund the trust...Whole life is the most expensive option to provide funding through permanent insurance. For the same premium dollars, you could more then double the benefit with universal life of some type.