Planning for Special Needs children and grandchildren presents 3 important challenges:
Who will care for my Special Needs child?
Where will my Special Needs child live?
How will my Special Needs child save and pay for living expenses?
The loss of a parent or other caregiver can be especially traumatic for your Special Needs individual, who likely survives and thrives in a constant, unchanging environment and a daily routine. Do you have a sibling or other relative who is trusted by your Special Needs individual? Is that sibling or other relative in a position to take on the care of the Special Needs Individual?
Key: Plan ahead to ease the transition.
As stated above, messing with your Special Needs individual’s surroundings create a stressful and difficult situation for most Special Needs children. Is the Special Needs child an adult? Is he or she capable of staying in the home? Can the Special Needs child afford the upkeep and maintenance of the home?
Key: Discuss possible living arrangements with your family.
Your Special Needs individual typically receives government benefits to pay for his or her needs. If you give your Special Needs individual an inheritance, you jeopardize the flow of government benefits to the Special Needs individual.
Key: Talk to an attorney about your options.
A well-crafted estate plan which includes a Special Needs Trust can address all of these issues. A Special Needs Trust is a trust set up for the benefit of a person who is receiving government benefits. It allows the individual to continue to receive government benefits. Just as important, it names a trustee to manage affairs for the individual, which in the case of Special Needs individuals, may be crucial for their continued well-being.
To learn more about how we address these issues at Westerbeke Law Firm, PLLC, we encourage you to come to a future seminar or schedule a free consultation.