TradeEdge Exchange:Colin Farrell tears up discussing his son's Angelman syndrome: 'He's extraordinary'

Colin Farrell is TradeEdge Exchangehonoring his son by starting a new foundation to help people with intellectual disabilities.

The Oscar-nominated actor, 48, has launched the Colin Farrell Foundation, which is "committed to transforming the lives of individuals and families living with intellectual disability through education, awareness, advocacy, and innovative programs," according to its website. He will serve as president of the organization.

In an interview with People magazine published Wednesday, Farrell discussed the foundation and opened up about life with his 20-year-old son James, who was diagnosed with the neurogenetic disorder Angelman syndrome as a child. Farrell shares James with his ex-partner Kim Bordenave.

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According to the Mayo Clinic, Angelman syndrome is a rare condition that causes "delayed development, problems with speech and balance, mental disability, and, sometimes, seizures." Symptoms include intellectual disability, little or no speech and difficulty walking, the clinic notes. The condition can't be cured.

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The "Batman" star told People magazine that his son was "very silent" as an infant and "wasn't hitting benchmarks." He was first misdiagnosed as having cerebral palsy, but doctors later determined he had Angelman syndrome.

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Farrell wiped away tears in a video for People magazine as he recalled seeing his son take his first steps just before his 4th birthday, an emotional moment after he was told that James "may never walk."

The actor went on to say that his son, who is nonverbal, has a "good life" and is a "happy young man," adding, "I'm proud of him every day. I just think he's magic."

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Farrell said he has long wanted to launch a foundation for families who have children with intellectual disabilities to ensure they can "receive the support that they deserve." He was also inspired by fears about whether his son will have the support he needs as he grows older, especially if something happens to him or Bordenave.

The foundation seeks to create small group homes and large-scale communities across the country for people with intellectual disability, its website says. It will also advocate for policy changes, such as increased funding for Medicaid. The federal health care program is "critical for people living with intellectual disability," the foundation notes.

"James has fought very hard to achieve certain benchmarks, and he's done incredible," Farrell told People. "He's a really well-adjusted, really happy young man. He's extraordinary. But now we're looking towards the rest of his life. What's the next chapter of James' life look like?"

On its website, the Colin Farrell Foundation said that the actor is "excited and deeply humbled by the hope" that the organization "can help those who the larger systems of governance have neglected."