Estate Planning Tips For Parents Of Special Needs Children
If you are a parent of a special needs child, these tips will help you effectively plan for your estate should something unforeseen happen to you:
Tip: Start Making Your Plan Today - Don't Delay
The most important aspect of estate planning for parents of children with special needs is not delaying making plans for the future. Since unforeseen things can happen at any time to anyone, it will give you peace of mind knowing your child will be cared for if something happens to you. Additionally, making estate plans before they are needed also gives you ample time to think about what is important to you without becoming overly emotional and making the wrong choices.
Tip: Create Advanced Directives for Each Member of Your Family
Advanced directives are legal documents that tell healthcare providers and loved ones exactly what your wishes are if you should require life-saving medical treatments such as intubation or being put on a ventilator. It is important you create advanced directives for your special needs child as well as yourself and your spouse. You can obtain the forms from your local doctor or hospital as well as online.
Tip: Legally Designate a Guardian for Your Child
If you and your spouse were in an accident and died tomorrow, who would take over the care of your special needs child? Have you spoken to this person and asked for their permission and what they think about this potential situation?
Though it may be an uncomfortable conversation to have, it is absolutely necessary to do so. You need the peace of mind that someone will care for your child if you are unable, and the person you wish to designate needs to agree to the terms. Once this has been worked out, your estate planning attorney should write up a legal designation and everyone involved should sign it and make it official.
Tip: Have an Attorney Create a Special Needs Trust and Move Your Assets into It
Finally, parents of special needs children and adults must carefully consider their offspring's future requirements for needs-based services. Needs-based services such as SSI and Medicaid are often taken away from people who inherit real estate, vehicles, or other valuable assets. Thankfully, there are special needs trusts that can be set up by a local estate planning attorney that will protect the assets you worked all of your life to obtain while preventing the loss of social services your family member still needs to access.
For more information, you can visit sites like https://ivylawgroup.com.
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