Do Not Delay Putting Your Special Needs Planning In Place

We all want to provide the best for our children, but most of us do not want to face the task of putting an estate plan in place for when we are not here.  The everyday demands of life put this planning on the back-burner, and when your family has special needs, those everyday demands are even larger.

Those special needs, however, are what make your family’s planning all the more time-critical.  Your family’s estate plan not only needs to lay out how your assets will be distributed to your children once both parents are gone, but it must also create a balance between providing the best for your special needs child and not putting him or her at risk of losing crucial government benefits.  Oftentimes, it is not knowing how to achieve this balance that makes us put off what can be a rather intimidating project.

Giving our children the best we can when we are not here means partnering with the right attorney to achieve that balance.  Your estate planning documents (whether it be via a Will or a Trust) can provide for each child’s individual needs and factor in the government benefits which can be crucial in the life of a special needs child.  Setting up a trust for a special needs child that will provide him and her with the comforts you provide to him or her yourself, and not eliminate his or her eligibility for government benefits, is possible.  You can provide the best of both worlds for your special needs child and you will have better peace of mind once you know these plans are in place.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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