Children with special needs will take specific planning.
You have a child with special needs.
As the parent, you know the joy these individuals bring to the world.
They have enriched your life.
You want what is best for them, even when you are not around for them.
According to a recent Effingham (IL) Daily News article “Teaching parents about guardianship of disabled children,” setting your child up for success as they get older takes planning.
When your child turns 18, you will no longer be his or her legal guardian.
Every situation will look different.
You will need to assess what kind of support your child requires.
If your child requires assistance in all aspects of living, a guardianship may be a wise choice.
Guardianships are designed to protect those who are incapable of making their own decisions or handle their own finances.
Your child will have far less control with a guardianship.
As such, it must be recommended by a report from a physician and tailored to be as non-restrictive as possible for the circumstances.
As a guardian, you would act on behalf of your child until a court determined it was no longer necessary.
Another option may be a power of attorney.
There are different kinds for health care and for finances.
A power of attorney authorizes an individual to make decisions on behalf of another.
A power of attorney does not give absolute control.
As a parent, you would be limited by the terms of the power of attorney.
With a power of attorney, your responsibility could be revoked by the individual granting you the authority.
If you are confused or concerned about what would be best for your family, work with an experienced estate planning attorney.
He or she can help you navigate this planning for your family.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Effingham (IL) Daily News (April 15, 2018) “Teaching parents about guardianship of disabled children”