Parents of children with special needs understandably have a number of fears and concerns about their children’s futures. There are some things that can be done by parents in Florida or elsewhere to help ease their anxiety. The key is in estate planning that ensures everything is set up properly so that a child with disabilities can keep his or her government benefits and have access to his or her inheritance.
When creating an estate plan, parents of children with special needs can set up what is call a special needs trust. This is something that can be created while parents are still living, allowing instructions to be left for a child’s care after his or her parents’ deaths. Even if an inheritance is small, it does not take much for a disabled person to lose access to his or her government funds. This is why creating a trust is so important.
Constructing a trust of this sort can be somewhat difficult. There are very specific rules and guidelines that must be followed that can actually be quite complex and hard to understand. Parents can seek legal assistance when creating a special needs trust in order to ensure everything is completed, set up properly and that nothing is overlooked.
Florida residents may find that estate planning can be difficult, especially if it is attempted alone. When a special needs trust is required, it is important to make sure the correct items are included. Just as there are countless types of disabilities that are all unique in their own ways, a trust can be written to specifically address the concerns of the child for whom it is intended. An experienced estate planning attorney will work diligently to ensure that this occurs and that any potential issues are addressed.
Source: U.S. News & World Report, “How to Draw Up a Special Needs Trust for a Child With Disabilities”, Teresa Mears, Nov. 4, 2015