Estate Planning for Special Needs Children Using Special Needs Trusts ⋆ Law Firm of Benjamin Eckman Estate Planning for Special Needs Children Using Special Needs Trusts - Law Firm of Benjamin Eckman
Estate Planning for Special Needs Children Using Special Needs Trusts
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October 21, 2021 ★ Elder LawEstate PlanningTrust Administration
Part of providing comprehensive estate planning for families includes being prepared to address the needs of family members with special needs. Some of the tools used are trusts, guardianship and tax planning, according to the article “How to Help Clients With Special Needs Children” from Accounting Web. As Elder Law attorney, we are able to create a plan for the future that addresses both legal and financial protections.
Providing for a child with special needs can be expensive, depending upon the severity of the disability. The first step for families is to have a special needs trust created through an elder law attorney with experience in this area. The goal is to have money for the support and care of the child available, but not to be in the child’s name. While there are benefits available to the child through the federal government, almost all programs are means-tested, that is, the child or adult with special needs may not have assets of their own.
Planning for the child’s long-term care needs to be done as soon as possible. A special needs trust should be established and funded early on, wills need to be created and/or updated, and qualified professionals become part of the family’s care for their loved one. Contact us today to assist in planning for special needs child.