Special needs require special planning.
You have a child with special needs.
This little one or full grown adult is dearly loved and brings joy to you and others each day.
You want to make sure loving care is provided for this child when you are no longer able to provide it yourself.
What should you do?
According to a recent Forbes article titled “Special Needs Kids Require Specialized Estate Planning,” you should work with an experienced estate planning attorney.
Discuss the prognosis, health, and capabilities of your child with your estate planning attorney.
An experienced estate planning attorney will be able to customize a plan to meet the specific needs of your entire family.
If your child will be eligible for government benefits without an inheritance, you will want to make sure you do not disqualify him or her from this aid with any inheritance you leave.
A solution may involve setting aside assets in trust, with a trustee to oversee the trust to benefit your child.
A special needs trust can be set up to "supplement" government benefits, not "supplant" them.
What if you are not yet certain whether your child would be eligible for government benefits?
You can arrange for a trustee to set up a special needs trust when both you and your spouse are deceased.
You can choose to begin funding the trust now or you can wait until you die.
Although you could "disinherit" your childs with special needs and set aside money to your other children to provide care for him or her, you will be unable to ensure that the inheritance will be used as you wish.
For example, if any of your other children were to be divorced or in debt, the money set aside for your child with special needs could be at risk.
Navigate your options with an experienced estate planning attorney to protect the financial security of your child with special needs.
Reference: Forbes (March 27, 2019) “Special Needs Kids Require Specialized Estate Planning”