Legally reviewed by Edward A. Sundquist - Raimondo & Sundquist LLP

Planning for the future is an important part of every estate plan, but if you have a child with special needs, you may have additional concerns about what will happen when you are no longer able to provide care or financial support yourself. Like many parents, you have probably spent years making sure your child has everything he or she needs, and naturally, you want that security to continue well into the future. Fortunately, there are several estate planning tools that may help protect your child while also preserving access to important government benefits. Please continue reading and contact an experienced Buffalo estate planning lawyer from Raimondo & Sundquist LLP to learn more about planning for a child with special needs.

What Should Be Included in a Special Needs Estate Plan?

Every child is different, so not every child will have the same concerns to be addressed in an estate plan. That said, generally speaking, some of the most important issues to consider are as follows:

  • How your child will receive financial support.
  • Who will make financial or personal decisions if necessary.
  • Whether a guardian should be designated.
  • How medical and daily care needs may be addressed in the future.
  • Whether your child currently receives government benefits.
  • Who will manage assets intended for your child’s benefit.

One of the biggest mistakes parents can make is assuming they can simply leave money directly to their child through a will. Depending on the circumstances, doing so could unintentionally affect eligibility for certain needs-based public assistance programs.

What Is a Special Needs Trust?

One of the most common estate planning tools for families in this situation is a special needs trust. Essentially, this type of trust is designed to hold and manage assets for the benefit of a person with disabilities while helping preserve eligibility for certain government benefits when structured properly. A special needs trust may be used to help pay for expenses such as:

  • Educational opportunities.
  • Recreational activities.
  • Transportation.
  • Certain medical or therapeutic expenses.
  • Personal care items.
  • Other services intended to improve your child’s quality of life.

Of course, establishing a trust is only one part of a comprehensive estate plan. Parents should also consider who will serve as trustee, since that individual may be responsible for managing trust assets and making distributions for many years into the future.

What Else Can Parents Do to Prepare for the Future?

For parents of children with special needs, estate planning is an opportunity to provide guidance and financial protection for the years ahead. As you begin planning, you may wish to consider the following:

  • Updating your will to reflect your child’s current needs.
  • Reviewing beneficiary designations on retirement accounts and life insurance policies.
  • Discussing guardianship options with your attorney when appropriate.
  • Choosing trusted individuals to serve as trustees or fiduciaries.
  • Reviewing your estate plan periodically as your child’s needs change.
  • Making sure family members understand your long-term planning goals.

Ultimately, if you have a child with special needs and want to begin planning for the years ahead, you’re in the right place. Contact Raimondo & Sundquist LLP today to schedule an initial consultation with our firm so we can listen to your goals and begin turning them into a reality.