Planning an estate in general is a complicated affair. It becomes an even more delicate procedure when you have special needs children, as they require extra consideration.
The Options Available To You
The end goal is caring for the future of your child. There are a few options:
- Create a special needs trust – A trust ensures care for your child over their lifetime, helping them continue to qualify for public assistance programs. Their assets will remain under the threshold of eligibility, while maintaining the integrity of your estate for siblings. This is the most common method of caring for your special needs child when planning an estate.
- Disinherit your child – While it sounds harsh, it is a guaranteed way for them to qualify for public benefits. However, it will also most likely lead to a lower overall quality of life, and may lead to family separation. This option is usually considered only if you’re truly struggling.
- Distribute your estate to siblings – This is considered an option if you’re struggling, but you’re still removing the opportunity for your child to be involved directly with your estate. It can also cause problems down the line with money intended for care being claimed by creditors, however.
Using A Professional Service
There are a lot of complicated issues when it comes to special needs care, especially around estate planning and social care systems. Usefully, there are attorneys you can work with that specialize in dealing with these points and can work with you. A special needs estate planning lawyer will understand the primary concerns.
They will know how to preserve access for public benefits, such as Supplemental Security Income and Medicaid, and you will be able to get help managing money over the lifetime of your child, protect their eligibility for public benefits, and plan for any future changes.
Check out Trust and Will If you’re looking for a more affordable, convenient and easier option for estate planning than traditional means of working with an attorney.
Growing Up And Death
When it comes to legal obligations, usually there are some changes when they turn 18. At that point, you as their parent can no longer legally make decisions for them. Of course, they may still require assistance, so work with your child. There are laws in the United States that protect the rights of all ages in regards to special age.
For your adult children with special needs, consider speaking to your family attorney and finding out if your child can communicate their needs and wants in terms of care. Ask questions regarding their general wellbeing, such as whether they can work.
In terms of your will, you should not only ensure they are left suitably taken care of, but also find another potential place of care. Remember that financial support will only do so much.
More Retirement and Estate Planning Tips
- Estate Planning: 7 Things You Must Do Before You Pass Away
- What To Consider For Your Special Needs Children When Planning Your Estate
- The Advantages Of a Last Will & Testament Drawn Up Sooner Rather Than Later
- How To Manage Your Finances and Take Care of Your Family in Unpredictable Times
- Do I Still Need a Will If I Don’t Have Much Money?
- One Simple Way to Save Money on Life Insurance
- How To Help Your Children Deal With Death