People with special needs are often capable of living independently, developing their careers, and starting a family. However, for those with significant needs, families need to take measures to ensure that they live long and fulfilling lives. Whether they’re children or adults, it’s important to work with an estate planning attorney who empathizes with your family’s circumstances to develop a legal framework to protect those who are most vulnerable.
Planning For Eventualities
Life has its unexpected twists and turns, but there are always ways to develop contingencies within your estate plan. Thinking ahead is vital to ensure that your child can continue to receive the care and support they need, even after you’re not able to provide it.
There are a number of things you can do to plan for your special needs child’s future. One important step is to create a special needs trust. This type of trust is a legal entity that can be used to hold assets like property and money for a beneficiary. This trust can be used to provide the essentials such as the child’s education, housing, medical bills, and more.
Strength of Trusts
There are many ways to structure a trust, but generally, they’re separated into revocable and irrevocable trusts. An irrevocable trust is a legal arrangement where the grantor transfers ownership of assets into the trust and relinquishes control over those assets. Once established, the terms of the trust generally cannot be changed without the consent of the beneficiaries. In contrast, a revocable trust allows the grantor to maintain control over the assets within the trust during their lifetime and make amendments or revoke the trust entirely if they choose to do so.
The specifics of the trust you develop will largely depend on your means as a family and the needs of the special needs individual. The way the trust is structured is impacted by several factors such as:
– How the trust will be funded
– How the funds will be used
– Who controls the funds
– Where the funds will come from
– Whether or not the beneficiary needs to qualify for Medicaid, Supplemental Security Income (SSI), and other government programs.
Building The Safety Net
Every family has different circumstances which means that unfortunately, there is no one-size-fits-all solution for planning a special needs trust. There’s a lot of minutiae involved with planning for every eventuality for the rest of a person’s life. To make sure you cover all the bases, work with an estate planning attorney who takes the time to listen to your situation and think critically about what your family really needs.
An experienced estate planning attorney will consider all of your options and be honest about what your trust can and cannot accomplish. The team at HighPoint Law Offices, PC helps families from all walks of life develop estate plans that protect loved ones and their legacy. If you’re ready to discuss how our estate planning services can benefit you, call our office at (215) 997-9773 to schedule a consultation.
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