Video: New industry serves parents of disabled children

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SEATTLE - More than 6 million children suffer from disabilities in the United States.

Their physical and emotional needs can be overwhelming.

A new industry is emerging as parents look to protect them now and in the future.

Jack Ursitti is a 5-year-old living with autism. His parents were stunned by his diagnosis and the realization that he'll need special care for the rest of his life.

"We both felt overwhelmed, you know, of all the implications of having a special needs child,” his mother Judith Ursitti said. "What in the world is going to happen to them when you're not there to take care of them anymore?”

The Ursittis needed peace of mind, so they turned to a special needs planner.

A growing number of attorneys, financial planners and investment companies offer specialized help to families of people with disabilities.

"It's important to get expert advice,” said attorney Andy Hook, of the Special Needs Alliance.

Hook says planners can help families navigate the countless government rules and regulations regarding benefits. They can also set up special needs trusts to manage assets such as life insurance, family gifts or other inheritances.

"But also to ensure that the existence of the trust doesn't disqualify the disabled person for needed public benefits such as SSI and Medicaid," Hook said.

Parents can also make sure their children get personalized care through a "memorandum of intent.” Attorney Harry Margolis recalls one family's stipulation for their disabled son, who loved taking off and landing in airplanes.

"The trustee is to pay for at least one trip by plane for him every year with as many stops as possible,” Margolis said.

Disability advocate Carol Glazer’s son Jacob was born with a birth defect. She says it's important for all parents, but carries extra weight when your child will require extra care.

"It's something you need to think about early, something you need to prepare somebody for,” she said.

A company may have its own special needs certification process, but currently there are no industry-wide standards.

When seeking assistance in setting up your child's trust, experts say to do your homework.

"Interview them, find one that you're comfortable with and then don't view it as a single shot transaction because a good plan has to be monitored,” Hook said.

While the overwhelming number of trusts are set up for children, they can also be set up for anyone with a disability.

Costs for special needs trusts can run anywhere from $2,500 to $5,000.