Estate Planning for Parents of Children Who Have Special Needs

Estate Planning for Parents of Children Who Have Special Needs
March 24, 2016 jersey Estate Planning 0 Comments

It is essential for every individual to conduct an estate planning review on a regular basis but parents of children with special needs should consult with an estate planning attorney who has expertise in this area.blog_img_2

It is a good idea to consider using what’s known as a supplemental needs trust to provide for your children after you have passed away. The majority of children with special needs will likely be facing challenges as adults. They may qualify for government assistance to help with education, expenses, housing and other special care.

Leaving Property

In the event that you leave property to these children with special needs through a trust or a will without a supplemental needs trust provision, then you may make your child ineligible for any needs based government help down the road. This could mean losing their funding. Then they would have to spend through the assets and then reapply after their assets have diminished.

Challenges of Avoiding Legal Insight

Without help from an experienced attorney well in advance, it could take months and could be challenging for an individual suffering from developmental disabilities. Putting together a supplemental needs trust allows the beneficiary with special needs to continue receiving government assistance while using assets inside the trust to pay for expenses that are not covered by government assistance. This is an important document that should be considered by all parents who have a child with special needs.

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