A trust fund in honour of Jim Flaherty is being set up for the long-term care of the late politician's son.

"As most of us know, Jim’s primary reason for leaving politics was to enter the private sector to make some money to ensure his family's future and especially to ensure that his son John’s financial future was secure," reads a notice circulating about the Legacy Private Trust.

"Like the shoemaker whose kids have no shoes, Jim and Christine (Elliott) were too busy giving themselves for our province and our country, instead of looking after their own needs. This meant that we and all Canadians got all of Jim's attention and the long-term financial security of his family took a temporary back seat.

"This is particularly so in the case of John who has a disability that will prevent him from ever enjoying financial independence," the notice said.

Flaherty's son John, one of three triplet boys born in 1991, has a mental disability caused by a swelling of the brain contracted from an insect bite when he was an infant.

Portions of the trust will go to establish a Registered Disability Savings Plan, a program launched by the federal government in 2007 modelled after the RESP.

Flaherty died last month of a massive heart attack at age 64, just weeks after he resigned as long-time finance minister.