One of a Florida parent’s main concerns in life is ensuring his or her child is safe and secure through adulthood and beyond. A primary goal in estate planning is caring for kids long-term, something that can be especially challenging for parents of special needs kids. There are specific estate planning steps that can help these parents accomplish their goal of ensuring their kids have the resources they will need for housing and much more.
Long-term care and other needs
One of the most basic and important steps for a parent with these concerns is to establish a special needs trust. This estate planning tools allows a parent to set aside and protect assets for a specific use in the future, including the care and protection of their special needs kids. Assets left in this type of trust do not impact the beneficiary’s eligibility for certain benefits.
Planning thoughtfully and carefully for special needs concerns also includes planning for long-term financial management on behalf of the individual. The parent can appoint a trustee, someone who will oversee the distribution of assets. They will also ensure funds are used appropriately and as directed.
Start with the future in mind
Estate planning for special needs kids can be a complex process. Florida parents will find it beneficial to work with an experienced attorney in order to create a plan most likely to provide the protection and support a child needs. An assessment of the specific situation, including long-tern needs and objectives, can help a parent develop a plan that will give the entire family peace of mind long-term.