Financial & Estate Planning For Families With A Special Needs Loved One
The goal of Special Needs Planning is to help the parents and guardians of loved ones with Special Needs to make plans for the entire family’s future.
When a family member with Special Needs has the potential or is receiving government benefits, eligibility may be based on the amount of the Special Needs person’s assets and income. If assets or income exceed the maximum allowed by law, eligibility may temporarily end, until those assets fall below the eligibility level.
Special Needs Planning addresses the issues regarding eligibility as well as the concern parents have about their child’s well being, especially in the event that the parent predeceases their child. This can be problematic. However, parents can now consult financial professionals and attorneys that have had extensive training in working with Special Needs families.
Estate and financial planning is always challenging-but especially when family members include a special needs loved one.
Folks like you have asked the same questions:
- Where will my child live if I should die?
- Where will the money come from to ensure that his/her lifestyle continues in the same manner I provide to them now, ensuring the quality of life they deserve?
- Is guardianship an issue?
- Will my child need a trustee?
- Who will help with eligibility issues regarding government benefits?
A strong consideration for all families should be to consult with an attorney regarding a Special Needs Trust. Properly drafted Special Needs Trusts normally don’t affect eligibility issues. The trust can also provide direction for family members in the event of the parent’s premature death.
Article by: Barry Rosenfeld CLU, ChFC
