Investment Adviser & Estate Planning

My spouse and I are house-rich, but need to plan long-term health care for our son. Where do we begin?

My husband is 49 and I am 42. We own approximately $100, 000, 000 in real estate; we own a small house we rent out that is worth $480, 000 and we live in a house we inherited from my husband's parents when they passed away, worth just over $520, 000. I know these are both very good investments. We owe approximately $100, 000 on the house we rent out; the rent almost covers that mortgage. We don't owe anything on the house we live in. However, we have a line of credit on the house we rent out; the interest on it is tax deductible. We owe $200,000 on the line of credit. We have a son with learning disabilities who is now 7 and we have paid a huge amount in tutoring, private schools, as well I did not work until just this past year as I wanted to be with my son. We don't want to carry on more debt, so I have gone back to work as a teacher and thus our household income is quite good now, and a lot of the money I am taxed we will get back because of my son's disability and then we can use this for further schooling and tutoring. My husband is a carpenter and so because he runs his own company he gets a lot of write offs. My job carries an excellent pension and we max out RESP's for our son, and we have a daughter who also has a max. RESP. Are we okay financially? We hope to chip away at the huge amount we have on our mortgage line of credit, but I always feel guilty about it. And of course, I worry about how much our son will continue to cost us. Thank you for any advice you can give