Estate planning for your special needs child has unique requirements. It is critical that a family make suitable provisions for the future. Families should not wait until they, or their child’s siblings, may no longer be able to care for their special-needs child. Although this can be overwhelming, it is necessary to prevent pain and problems later on. Below are five primary considerations when developing a plan:
- How to make a financial plan without affecting government benefits. Your special needs child will qualify for Social Security disability benefits and Medicaid. Those, benefits, however, may be affected by your income and assets. An expert can help you walk through this information.
- How to supplement benefits and enhance the quality of life. Even with these necessary benefits, you may not have a lot of money. You can supplement these benefits without risking the coverage.
- How to treat other children equitably. You can strike a delicate balance when providing for the unique needs of your child along with your other children. Maintaining fairness while still creating a financial cushion for the special-needs child is essential.
- How to make funds available after a parent’s death. Your child will probably outlive you. So you must think about a plan that will provide for your child after you die.
- How to manage the inheritance through a trust. A special-needs trust is one of the most common options for parents. A special-needs attorney can help you with the process to find the best type of plan for your special-needs child.
Working with the right attorney and financial planner will help you and your family plan for the future properly. This process can be overwhelming, but you don’t have to do it on your own. Contact an attorney with Garofalo Law Group today to learn more.