Providing For a Child With Special Needs Through Estate Planning
If you currently provide for a child with special needs you may wonder what you can do to ensure that they are taken care of when you are no longer here. While well-intentioned, an inheritance that isn't planned properly could negatively affect your loved one. An outright inheritance may make them ineligible for government assistance that provides them with necessary medical care or supplemental income. If your child is not currently receiving government benefits, that does not mean they might not need them in the future. Careful planning ensures that any and all opportunities for care are maximized.
Special needs trusts are one of the tools lawyers use to help their clients plan for a minor or adult child that has special needs or is disabled. The special needs trust is drafted with instructions to meet the specific needs of the child and is administered by a trustee. Well-crafted instructions can provide that the Trustee has discretionary power to withhold or distribute funds in accordance with state and federal benefit eligibility requirements.
Planning using a special needs trust allows you the peace of mind that your child will be cared for in exactly the way they would be if you were still here to do it yourself. Contact us today at Gage-Michaels Law Firm to learn more.
Disclaimer: This blog post is made available for educational purposes only. It should not be relied upon for legal or tax advice and is not a substitute for legal research or a consultation with a qualified attorney.