Protecting the Future for Your Special Needs Child
At Family Wealth Law, we are committed to ensuring that your child with special needs is cared for and supported when you can no longer serve as their primary caregiver. Our team specializes in a range of estate planning tools and strategies designed specifically to address the unique circumstances faced by children with special needs and their families.
Our expertise lies in helping you pass on the financial assets necessary for your child to lead a fulfilling life while preserving their eligibility for vital government benefits. We will guide you in selecting a trusted guardian and/or trustee to protect their interests in the event of your incapacity or passing. And, we can assist in identifying the best residential opportunities and determining the most suitable means to finance them.
How a Special Needs Trust Empowers your Child
One of the most common challenges in estate planning for individuals with special needs is finding a way to provide the significant financial support required throughout their lifetime without jeopardizing their eligibility for essential government benefits like Medicaid and Supplemental Security Income.
Leaving a large lump sum directly to your special needs child raises concerns about potential impacts on government assistance and their ability to manage finances independently.
Fortunately, we offer a powerful estate planning tool called a "special needs trust." This trust allows you to provide supplemental financial resources for your physically, mentally, or developmentally disabled child without affecting their access to public healthcare and income assistance benefits.
Yet, the rules surrounding special needs trusts can be complex. For instance, funds from the trust cannot be directly distributed to the beneficiary but must be administered by a third party responsible for providing the goods and services necessary for your child's well-being.
Even after establishing a special needs trust, our commitment to your child's welfare continues. We understand that their financial and emotional needs will evolve over time, often dramatically, and that public benefit regulations undergo changes as well. So, we craft a comprehensive trust tailored to your child's specific situation and ensure its proper structure.
Planning for Special Needs and Trusts
If you require estate planning for a child with Down Syndrome, autism, cerebral palsy, or any other developmental, emotional, or intellectual disability, we are here to support you.
Our mission is to help you develop a sustainable living plan for your special needs child, providing them with the financial resources they require to lead a meaningful life while safeguarding their access to crucial government benefits.
Take the first step towards securing your child's future by contacting us today. Our compassionate team is ready to guide you through the intricate process of special needs planning and trusts, giving you peace of mind and ensuring your child's well-being for years to come.