Planning For The Future

  • How do you want your child cared for when you're not here to take care of him?
  • Have you written a trust that ensures your child's future care is secure?
  • Are the people who are going to be your child's caregivers financially protected from the future expenses of that care?

The daily challenges of caring for children with special needs are difficult enough, so it's little wonder that parents sometimes give little thought to questions like these.

Even though it can be frightening and difficult to think about how your children will get along after you're not there to care for them, this is  hard work that must be done - and the sooner, the better.  Without a solid financial plan, special needs children can be left without critical government Medicaid and Social Security benefits.

A lawyer with special needs planning experience can help your family set up a trust. It's important that families begin thinking about setting up such "special needs trusts" as they learn one of their children may not be able to support herself.  Trusts may sound like something only for the very rich, but you don't need to have vast financial resources to set one up.  In fact, special needs trusts are funded by proceeds from your life insurance.

As an example of the kinds of things that can happen when families don't get around to dealing with these issues, consider this story.  A grandparent made a $20,000 gift to his grandson's savings account.  I suppose she intended for the account to earn interest and create a foundation for his care as an adult.  

This may sound like a good idea, but (if left in the savings account in the child's name) the generous gift would have the effect of disqualifying the child from receiving Social Security and Medicaid benefits.  

Thankfully, that problem is easily avoided because gifts to trusts don't count as a child's personal assets and therefore won't jeopardize these vital benefits.  

It costs you nothing to come in for an initial visit to discuss financial planning for your special needs child.  I hope you'll consider letting me be of assistance to your family.

Email:            Call: (206) 403-8177