Parents never stop caring for their kids, and you likely want to care for your kids in the future by passing along your property and assets after you pass. If you have a special needs child, it may be even more important to ensure that he or she has what is necessary for daily life and other needs well into the future. There are specific estate planning tools you can utilize that will ensure the care of your special needs child.
One way you can do this is through specific estate planning tools, such as a special needs trust. This type of trust allows you to set aside and protect assets for a specific use in the future. This is a practical way to ensure that your child has what he or she needs even if you are not around to directly provide it. There are many reasons why it would be most beneficial to utilize this type of trust instead of passing money directly to your child in your will.
Funding your child’s quality of life
If your child is not able to care for himself or herself, it is possible your child is eligible for government benefits. However, passing money directly to your child could mean he or she is no longer able to receive certain types of support. Assets left in a special needs trust do not affect one’s eligibility for benefits, and they can be used to fund things not covered by government assistance, such as things your child may need or want for his or her quality of life.
When you establish a special needs trust, you can ensure that your child has what he or she needs even if you are not directly overseeing the management of the trust. You can also name someone to act as the trustee, which is the person who will manage the trust and oversee the distribution of assets from the trust. This step allows you to have peace of mind regarding your child’s future.
What are your specific estate planning needs?
If you have a special needs child, you will benefit from understanding what estate planning tools can provide you the best opportunity to care for your family. An assessment of your case will reveal if a special needs trust is a beneficial way to complete your existing plans for the future. As the parent of a special needs child, you can take steps to ensure his or her care and support for years to come.