Dublin Special Needs Estate Planning
Being a parent or guardian to a special needs individual, you have consistently worked to ensure they receive the necessary support and services. From liaising with their Dublin-area schools for the right educational plan to securing government help, caring for someone with developmental or physical difficulties is indeed a monumental task. The need for such care and advocacy doesn’t end when you’re unable to provide it. A time may come when you’re unable to look after your loved one, making it essential to create an estate plan for future contingencies.
In estate planning, special needs is a broad category of documents and tools to protect individuals with a range of physical disabilities, medical conditions, intellectual difficulties, or emotional problems, including learning difficulties and behavioral problems. The experienced estate planning attorneys at Jarvis Law Office understand the unique challenges facing families caring for a special needs child or adult, and we will guide you through the process of protecting their future with a special needs trust.
Designing Your Estate Plan for Your Special Needs Dependent
Your special needs dependent might not be in a position to advocate for themselves after your passing. Hence, it’s essential to document your desires and gather all related documents in a file box that is easily locatable. There is no such thing as starting too early when it comes to organizing this information and beginning a comprehensive estate planning process. Upon consultation with our estate planning attorney, we’ll confirm that your file comprises the following:
- Guardianship documents naming the person or people appointed to care for the child or disabled person when you can’t.
- Important legal documents, such as birth certificates, Social Security cards, medical records, prescriptions, and health insurance cards.
- A Letter of Intent, a non-binding document that gives vital information about the child with special needs to his or her future caregivers. This can be details like your child’s sleeping preferences, eating habits and favorite foods, activities and hobbies, and other things that impact his or her routine.
- Copies of your own advanced health care and financial directives such as powers of attorney, living wills, and health care proxies.
- A list of major assets such as insurance policies, investments, and bank accounts, and information about where they are located.
- A list of government benefits your child may receive, as well as copies of completed applications and contact information for caseworkers with whom you have worked.
- Other documentation, like tax returns for your child and information about housing and educational programs to assist future caregivers.
- Copies of special needs trusts, living, or insurance trusts that may be in effect.
This file will need to be updated regularly to allow for changes in your dependent’s age, skills, and living situation.
There Are Many Good Reasons Why You Should Consider a Special Needs Trust
Your child likely qualifies for various government benefits to assist with their care and medical needs. This qualification is due to their disability and because they have no financial resources of their own. However, if you were to die and bequeath your assets to your child with the thought of providing financial support, it could backfire and unintentionally result in disqualification from government vital benefits.
By establishing a special needs trust, however, you can enhance your dependent child’s future quality of life without affecting their access to important benefits. In fact, you can take advantage of a special needs trust even during your lifetime. You can use money from this type of trust to:
- Cover out-of-pocket medical expenses
- Pay for additional assistance in the home
- Purchase assistive devices that are not covered by Medicaid
- Cover the cost of private tutoring or other educational programs
- Pay for life-enhancing activities such as theme park admission, movies, athletic teams, vacations, and more
Your child will not lose access to these need-based government benefits as long as the trust money is not used to pay for medical care, food, and housing.
Start Your Journey with Jarvis Law Office Today
A special needs estate planning lawyer can assist you in laying the groundwork for the future and enriching your child’s life now. Contact us in Dublin, Ohio, today to discover how we can aid you. The future may hold uncertainties, but the provision of care for your child doesn’t have to be one.
