Estate Planning for Families with Special Needs Children
May 23, 2019
Many Myrtle Beach area families have a child with special needs. These families understand the hardship and stress that goes along with having a special needs child. Families with special needs children must understand the importance of having an estate plan and how critical it is for their child’s future.
There are several things families with special needs children should include in an estate plan. When creating an estate plan, they should start small and begin with a letter of intent. The letter needs to include what parents want their child’s future to look like and who will be involved in their life. It can also include information like the child’s daily schedule, likes and dislikes, etc. The letter should be updated each year to ensure it is up-to-date.
A family should also consider creating a special needs trust for their child. This is a way for a family to put aside money so that their child will have some income but not lose their eligibility for federal social security disability. Any estate plan needs to be updated frequently because people’s lives and their financial circumstances are constantly changing. The level of help a child may need can change over time, and an estate plan can build in flexibility to adapt to changing needs.
Families who have children with special needs should consult with an attorney who specializes in estate planning. An attorney understands that each family has a unique situation in which they need to adapt their estate plan to. An attorney can help a family work out a new estate plan or update an existing estate plan to best meet their needs. They can help a family plan for both now and into the future so that they can be assured that their child’s needs will always be met.
Families who have special needs children understand how special their children are. Parents want to know that their child will always be well taken care of, even when they are no longer around. Having an estate plan in place offers parents the peace of mind that they desire.