Estate Planning for Children with Special Needs
While the thought of not being there to raise your children is difficult enough for most parents, parents of children with special needs may have even greater concerns. Special planning is required to ensure that your child will receive the best care, support, and resources available to allow them to thrive in spite of their limitations.
Leaving assets to a child or loved one with special needs may affect their eligibility for government benefits that are vital to their well-being. Without proper planning, any inheritance would simply provide replacement funding for lost government services, with little to no net benefit to the beneficiary. With a special needs trust, you can provide for a person with special needs without affecting his or her eligibility for government benefits. They can continue to receive benefits and the trust can provide resources to enhance their quality of life.
Planning for children with special needs does not begin and end with a special needs trust, however. In order to ensure your child receives the best possible care, it is necessary to put in place a comprehensive plan that includes a choice of guardian and documentation of drug regimens, therapeutic exercises, and dietary restrictions. No one knows your child as well as you do, but you want to make it as easy as possible for a guardian to continue your child’s care with as little disruption as possible.