National Special Needs Law Month
Because it is Special Needs Law Month, we thought we would take a moment to share some unique planning considerations to take into account. Children with special needs usually have exceptional parents who build their lives around providing for and caring for their kids.
Because these children grow up and still need to be supported, parents continue to answer the call. Sadly, there will come a time when the parents pass on. And they want to ensure that the special needs person in their life is taken care of.
When you meet with your estate planning attorney to discuss how to accomplish this, go forward with some of these considerations.
People You Trust
Because some of the unease that parents have is centered around them not being there, is there someone else who could stand in your place? As crucial as considering a special needs trust, it is equally vital to choose trustees.
Part of the reason it is so challenging to name a trustee is how diverse the task is. This person will have complete discretion over the special needs person and their benefits, but they also have to manage the entire gamut of financial needs.
Instead of thinking of just one person, think of a team of people who could help your special needs son or daughter. In addition to the trustee, consider other valuable and talented people to serve as a co-trustee.
Not only are there private professionals to choose from, but there are also attorneys and even financial advisors who make investment decisions for your child.
Distribute According To Your Wishes
Another reason why it is so valuable to begin this process early is because of the time it gives you to talk to your children about your estate plan. There’s nothing that says you need to keep your intentions secret, nor do they have to be written in stone.
If you want to leave the bulk of your estate to your child with special needs to ensure their quality of life, you can explain this to your other children. It gives you the chance to show them why you decided to do something a certain way. This can foster a healthy discussion between you and all your children.
Elder Advisors Law
Elder Advisors Law is built on the premise that we educate our clients. The more information you have, the better position you will be in. If you are ready to begin planning for the road ahead, contact Elder Advisors Law. For more information, register for our free estate planning workshops. We are happy to share what we have learned with you.
