If you have a child with special needs, it is only natural to worry about what will happen to them after you are gone. It is important to think about who will care for them and how they will be supported financially. Estate planning is important for everyone, but it is especially important for families with special needs dependents. Here are some things to keep in mind when estate planning for dependents with disabilities.
Do not wait to start planning.
It is never too early to begin estate planning for your special needs dependents. Ideally, you should begin planning for your child’s long-term care needs as soon as possible after their diagnosis to ensure that they are taken care of despite unexpected circumstances.
Designate a guardian for minor dependents.
Of course, you will need to designate a guardian for all of your minor children. You should also consider whether your special needs child will need continued guardianship after reaching adulthood and designate successor guardians if necessary. Ensure the guardian understands the responsibilities and expectations of caring for your child. Write a letter that will provide the guardian with as much information as possible. Include your wishes for the child’s long term care, important medical information, and details regarding the child’s day to day life.
Place assets into a special-needs trust.
A special needs trust can ensure that your special needs child continues to be financially supported. These trusts hold funds specifically for the care of dependents with disabilities and are drafted to maximize the benefits available for the beneficiaries, not only from the trust, but also from Medicaid and Social Security.
Update your estate plan as needed.
To make sure your estate plan remains current, you should review it every few years, or whenever you experience a major life change. Keeping your estate plan up to date is especially crucial for families with special needs dependents. Children with special needs may have a change in condition, require more or less medical care, or become more or less dependent on the care of others. Make sure to consider such possibilities when updating your estate plan.
Estate planning for dependents with disabilities is a complicated and delicate process. Consider consulting with an experienced attorney to ensure your estate plan covers the future needs of your special needs child. If you have concerns about your existing estate plan, and whether it is vulnerable to a dispute, speak with the expert attorneys at Gaslowitz Frankel by calling 404-892-9797.
