It’s common for parents of children with disabilities to worry about their childrens’ futures. However, one way they can provide support and give loved ones peace of mind is by creating a special needs trust.
You may need to petition the courts for guardianship or conservatorship, the terms of which vary from state to state.
Planning for disabled beneficiaries is important, not only for those beneficiaries with known disabilities but also for those who may be disabled at the time of the decedent’s death.
Families that include individuals with special needs require planning to secure their loved ones’ security in the future, both in legal and financial terms. There’s usually no expectation of the child becoming an independent adult, so careful planning is needed, as advised in the recent article “Financial Planning for Families with Disabilities” from Wealth Management. Many families neglect planning for their retirement, focusing all their resources on developing a plan for their disabled child. However, retirement and their child’s future need to be secured, which is where an estate planning attorney can help. In 2014, Congress created The Achieving a…
Whether you’re a parent with a special needs child or an adult caring for an elderly or special needs loved one, understanding the benefits of a comprehensive Special Needs Plan is crucial. Careful planning ensures that the individual with special needs has clear financial security upon your death, as well as specific goals to address the needs of your child or loved one so that they can be successful in the future. From guardianship and living arrangements to managing finances and planning for adulthood, each element of a special needs plan plays a crucial role in ensuring a secure and…
There is a lot of confusion out there about the difference between a revocable and an irrevocable trust.
To make sure that your children are taken care of if something happens to you, it’s important to appoint a guardian, establish a trust and ensure there’ll be financial support.
When preparing testamentary documents, such as wills and trusts, protecting beneficiaries with disabilities should be a priority.
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.
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