Special needs children are just like other children who love to play, to learn, to have fun, and to experience the world. The main difference is in their level of care, which in some cases, can be for life.
Bivens & Associates in Scottsdale specializes in special needs laws and trusts. Special needs trusts protect your child’s assets while still being eligible for Medicaid. In addition, when your child turns 18, the laws change, and you will need a plan in place for when they do. An estate plan is essential if you have a special needs child. Our mission is to help ensure that those you love will be provided for after you pass. In this blog post, we’ll take a look at implementing an estate plan if you have a special needs child. Contact us today to learn more!
ESTATE PLANNING FOR SPECIAL NEEDS CHILDREN
Estate planning for special needs planning can be complicated. You will definitely need a great special needs lawyer on your side, such as Bivens & Associates in Scottsdale. Most likely, your child is receiving some sort of Medicaid benefits that you don’t want to disappear if they inherit some of your money once you pass. A specialized trust plan will most likely be in order for your child to maintain their government benefits. Some of your options are examined below:
Create a Special Needs Trust
A special needs trust is probably the most popular option for parents who have special needs children. A trust prevents the assets in it from being used as assets when the child applies for government assistance. Thus, the child is still eligible for government benefits, such as Medicaid, with this kind of trust. The trust has strict limits put in place on the use of the funds, and a person can be appointed to act as trustee of the trust to ensure the child is taken care of when you pass.
Disinherit Your Child
This is not the most popular option for parents, but if you disinherit your adult special needs child (after he or she turns 18), he or she will be eligible for government assistance.
Give More to the Other Children
Many parents leave the inheritance of the special needs child in the hands of any other siblings, with the allowance that they then use the money to take care of their special needs sibling. However, due to the flux in changing circumstances, the other siblings’ could be in jeopardy of losing the money as well, such as from a bankruptcy, divorce, or plain mismanagement of the funds.
Leave Your Special Needs Child an Inheritance
While giving your child a big sum of money upon your death will ensure they are taken care of, it will most likely end government benefits, which can be crucial for your child’s medical care, housing, etc.
CALL BIVENS & ASSOCIATES FOR ALL YOUR SPECIAL NEEDS CHILD ESTATE PLANNING TODAY
Bivens & Associates cares about helping you provide your special needs child with care once you have passed. Contact us today for a free consultation to discover your options!