Families with members who have special needs that require continuing care have some estate planning options to make sure that care is provided fairly.
When an adult child has special needs that require the help and support of parents it is important to create an estate plan that makes sure that support is provided after the parents pass away. This requires an estate plan that provides for the child's monetary needs in a way that does not disqualify the child from receiving government benefits. It also often requires creating an estate plan that provides those funds in a way that is fair to other children.
Recently, the Wall Street Journal discussed a couple of tools to accomplish these goals in "Estate Planning When You Have a Special-Needs Child."
The tools include:
These are only two of several options for providing for child with special needs in an estate plan.
Speak with an estate planning attorney about the other options and what might be best for your family.
Reference: Wall Street Journal (March 27, 2016) "Estate Planning When You Have a Special-Needs Child."
© 2020 Legacy Law Center