Characteristically young, untrained and unpaid, caregivers frequently experience anxiety when caring for loved ones, and they often need help with financial and legal planning.

The "Easter Seals Many Faces of Caregiving Study" conducted by Impulse Research Corp. found that caregivers in the U.S. are young, and 90 percent are unpaid. Additionally, 67 percent have concerns about increased anxiety, financial impacts and becoming a caregiver. Often, they are not trained professionals, they're simply able-bodied caretakers who live in multigenerational households. More than 75 percent of providers offer care to their child, spouse, parent or grandparent. Eighty-four percent of Latinos who provide care believe their role is a part of their upbringing and their culture, according to research published by Caregiving.com.

It's recommended that first-time caregivers seek trusted advisers who have special needs experience and willingness to provide guidance when making important financial decisions. They should also plan ahead for expenses, such as housing, education, work opportunities and daily transportation. They should research the benefits provided by the federal government for those with special needs.

Also, caregivers should make beneficiary arrangements and draft a current will that aligns with other planning strategies. Designing an adaptive life care plan that that details financial and legal strategies is important because health and circumstances can change swiftly, which is why it's necessary to be in frequent contact with insurance and investment professionals, as well as a tax and legal adviser.

The MassMutual Center for Special Needs, an academic center, launched in the interest of preparing financial service professionals to guide and advocate for individuals with specials needs and their families. Massachusetts Mutual Life Insurance Company (MassMutual), in partnership with the American College created the institution, developed the institution. The $2.5 million investment by MassMutual ensures that the unique financial demands of special needs families and caregivers are met.