If you are the parent of a special needs child, you likely do all you can to care for and protect your son or daughter. But at some point, you will no longer be able to keep a watchful eye on your child, which is certainly reason for concern. However, while you cannot always be physically present, there are steps you can take now to help ensure that your child’s financial needs are served.
A special needs trust is a fiduciary arrangement that is designed specifically to provide monetary support to a person who has some form of disability. It allows you to set money aside that goes to your child when you are no longer around to provide assistance.
There are a few things you need to consider when setting up a special needs trust. First, you will need to choose a trustee who can both manage and disburse the funds. You also want to select and advocate who works with the trustee to make sure that your instructions regarding the trust are properly carried out.
You also want to make sure that any U.S. government benefits for which your child is eligible, remain protected. To this end, it is important to understand all the regulations pertaining to your child’s financial status before you create the trust.
You will never cease worrying about how your child will navigate life when you are no longer around. However, with the right planning, you can give your child the best possible chance at receiving the financial protection that he or she needs.
If you are interested in setting up a special needs trust, you could likely use the advice of an estate planning law firm. A law firm that takes a holistic approach to estate planning can offer you guidance on how to get your affairs in order so that you heirs can benefit from your support and generosity.