Having a child with special needs is a beautiful and unique undertaking that requires extra care and attention. Such children often need extra medical attention, therapies, and resources to ensure that they grow and develop fully. However, planning for a child with special needs is no walk in the park. It requires much effort and planning to ensure the child gets all the necessary care. In this blog post, we will provide you with everything you need to know about planning for a child with special needs and how an estate planning attorney can help.
Parents who have a child with special needs face a unique set of challenges, including financial, emotional, and logistical issues. It is important to begin estate planning as soon as possible to ensure the best possible outcomes for the child.
Estate Planning for Your Special Needs Child: Why You Need to Plan Ahead
Regarding estate planning, many people believe it’s only for the wealthy or those much older. However, regardless of age, income, or assets, estate planning is important. For parents of children with special needs, estate planning is especially important because you need to ensure that your child will continue to receive the care and support they need when you can no longer provide it. Hence, you need to plan and create an estate plan that ensures that your child is taken care of when you are no longer here to do it yourself.
The Importance of a Special Needs Trust
One of the most important aspects of estate planning for a child with special needs is establishing a trust specifically designed to meet their unique needs. A special needs trust enables you to leave money and assets to your child without disrupting their eligibility for government benefits, such as SSI or Medicaid. By creating a special needs trust, you can ensure that your child will continue to receive the government benefits they rely on, even after you are no longer here to provide for them.
Choosing a Guardian
Another important consideration when planning your estate is choosing a guardian who can care for your special needs child when you can’t. This decision is incredibly important. You must choose someone responsible, trustworthy, and loving. Make sure you discuss your decision with the chosen guardian and ensure they are willing and able to take on this important responsibility.
Life insurance is also important when planning a special needs child’s future. Even if you are not particularly wealthy, life insurance can be an important tool for ensuring that your child will continue to receive the care they need even after you are gone. By purchasing a life insurance policy, you can ensure that your child will have access to the financial resources they need to continue living a comfortable life.
Planning for Long-Term Care
If your child requires long-term care, it’s important to plan for this in your estate plan. Long-term care can be expensive, and without proper planning, it can quickly chip away at the financial resources you have worked so hard to accumulate. By planning, you can ensure that your child has access to the care they need without jeopardizing their financial future or disrupting their eligibility for government benefits.
Hire An Experienced Estate Planning Lawyer
As a parent or guardian of a child with special needs, ensuring their secure and stable future is important. One vital step in securing their future is hiring an estate planning lawyer. An estate planning lawyer is knowledgeable in the legal documentation and process needed to safeguard your loved one with special needs in the event of an unexpected tragedy. They can assist you in creating a special needs trust, which is a type of trust that can provide a safeguard for your child’s financial well-being after you are gone. Having an estate planning lawyer can provide peace of mind knowing that your child will be cared for and giving them the best quality of life possible.
Updating your Estate Plan Regularly
Finally, it’s important to remember that estate planning is not a one-time event. As your child grows and their needs change, so too will your estate plan need to change. Regularly reviewing and updating your estate plan is important to remain current and accurate.
Regarding estate planning, parents of children with special needs have unique considerations to remember. Establish a special needs trust, choose a guardian, and purchase life insurance. You should then plan for long-term care, hire an experienced estate planning attorney, and update your estate plan regularly. By taking these steps, you can ensure your child will continue to receive the care and support they need when you can no longer provide it yourself. Remember, estate planning is important to ensure your child can live a safe, comfortable, and fulfilling life, even after you are gone.
The Bourassa Law Group is a committed group of qualified estate planning lawyers in Nevada who are ready to fight for your child as and when needed. Call us at (800) 870 – 8910 for a free consultation today!
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