Do you have a family member with special needs? If yes, have you made special estate planning arrangements for their care after you are gone?
Planning your estate is an important step toward ensuring the financial security of your family when you are gone. This is especially true if you have a loved one who has special needs (mental and/or physical), since additional, specific planning may be necessary. If you are responsible for the welfare of someone with special needs, you may want to look more closely at establishing some type of Special Needs Trust.
According to the New York Times, “Interest in the (Special Needs) Trusts has been growing over the last decade, but despite the many advantages the trusts offer, some people still shy away from them.”
These special types of trusts allow you to supplement any government benefits to which your loved one may be entitled, without disqualifying them from receiving those benefits. This way, you can make the most of those benefits while still providing financial support for your loved one’s wellbeing.
You can learn more about Special Needs Estate Planning on our website. We also offer a free report, Special People…Special Plans. Be sure to register for that free download, you’ll find an abundance of information and resources for you and your loved one.