Every parent wants to ensure their children are taken care of after they’re gone, but this is especially true if you have a child with special needs. If your child needs additional care, adequate estate planning may take much more than just writing a will. Here are a couple of ways parents of children with special needs can plan for the future.
Even if your child is a legal adult when you pass away, they may not have the capacity to handle their own finances. They could also be vulnerable to financial manipulation from unscrupulous family members or health care providers. Establishing a trust gives you more control over your estate after you’re gone and protects your child’s interests.
A special-needs trust is a separate legal entity that manages your assets on behalf of your child. With these vehicles, you can choose a trustee to administer your assets and dictate when funds can be disbursed. If carefully managed, the funds held in trust can provide the resources your child needs for years to come.
Many people with special needs also qualify for Supplemental Security Income (SSI), Medicaid, and other programs, many of which are needs-based. Fortunately, assets held in a properly worded trust aren’t counted as property of the beneficiary, so you can leave your wealth behind without worrying about your child losing their eligibility for support.
An estate plan gives you the opportunity to appoint a guardian to care for your minor children. This allows you to choose someone who knows how to provide the care they need. Otherwise, the court will appoint a family member, who may not be the person you would have chosen.
Adult children may also need help with certain aspects of their lives. For instance, they may be able to live on their own but lack the capacity to pay bills or make important health care decisions. Nominating a conservator ensures that someone you trust will be given the legal authority to look after your adult child if something happens to you.
Planning for the future can be frustrating and overwhelming, especially if your family has unique needs. Trailhead Estate Planning is dedicated to helping families throughout Signal Mountain, TN, protect those they love most and pride themselves on giving every client the personal attention they deserve. Visit their website for more on their estate planning services, or call (423) 228-7029 to make an appointment.
Use of this website does not constitute legal advice or form an attorney/client relationship.