April 3, 2023
Estate Planning
Protecting Your Loved Ones: Estate Planning Strategies for Special Needs Families
25% OFF Special Needs Trust- Valid April 2023
Important Considerations When Creating an Estate Plan for a Child with Special Needs
Estate planning for families with children with special needs can be a complex and emotional process, but it’s an essential step to ensure the ongoing well-being of your child. Let’s dive a bit deeper into some of the important considerations when creating an estate plan for a child with special needs.
One of the most critical steps in the process is to create a Special Needs Trust. This type of trust is specifically designed to hold funds for the benefit of a child with special needs, without affecting their eligibility for government benefits. This is crucial, as many government programs have strict eligibility criteria that must be met, and even small inheritances or gifts can cause a child to lose their benefits.
There are Four Key Points when Creating a Special Needs Trust
1. When creating a Special Needs Trust, you’ll need to appoint a trustee who will manage the trust’s assets and make decisions about how the funds are used. This can be a family member or friend, but it’s often a good idea to consider a professional trustee, such as an attorney, bank, or trust company, who has experience in managing these types of trusts.
2. Another important consideration is appointing a guardian for your child. This is especially critical if your child is not yet an adult or is unable to make decisions for themselves. A guardian can ensure that your child’s medical, emotional, and financial needs are met, and can make decisions on their behalf.
3. It’s also important to involve other family members in the estate planning process. Siblings and grandparents, in particular, can play an important role in caring for your child with special needs, and it’s important to ensure that everyone is on the same page when it comes to their care and financial needs.
4. Finally, it’s important to regularly review and update your estate plan. Your child’s needs and circumstances may change over time, and your estate plan should reflect these changes. By working with an experienced estate planning attorney, you can ensure that your plan is flexible and meets the evolving needs of your child with special needs.
In summary, estate planning for families with children with special needs requires careful consideration and planning. By creating a Special Needs Trust, appointing a trustee and guardian, involving family members, and regularly reviewing and updating your plan, you can ensure that your child receives the care and support they need, even after you’re no longer able to provide it yourself.
Give us a call at 208-406-9885 or use the “Schedule Now” button to schedule an appointment to discuss how a special needs trust can benefit your family.
