Lancaster Special Needs Estate Planning
As the parent or guardian of a person with special needs, you have always ensured their access to the requisite support and services. From coordinating with their Lancaster schools for an apt education plan to applying for state assistance, the responsibility of tending to someone with developmental or physical impairments is immense. This commitment to care and advocacy continues even when you are not around. Death or incapacity may prevent you from caring for your loved one, emphasizing the importance of having an estate plan ready for such circumstances.
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.
The Blueprint for Your Special Needs Estate Plan
Given that your special needs dependent might not be able to represent their interests after your passing, it’s necessary to pen your wishes and arrange all necessary documents in a readily available file box. Starting the process of compiling this information and embarking on comprehensive estate planning should not be delayed. Our Lancaster special needs estate planning attorney will verify that your file includes the following when you consult with them:
- 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 is 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.
- This is a list of major assets, such as insurance policies, investments, and bank accounts, along with 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.
Why You Should Make a Special Needs Trust a Priority
Various government benefits are available to your child to cater to their care and health-related needs. Their qualification for such aid is due to their disability and absence of financial holdings. Nevertheless, suppose you were to pass away and leave your assets to them, thinking this would provide the financial support they need. In that case, it might unintentionally cause more damage by making them ineligible for these key 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.
Initiate Your Planning with Jarvis Law Office Now
A seasoned attorney experienced in special needs estate planning can guide you in securing a better future and present for your child with special needs. Connect with us today in Lancaster, Ohio, to explore the ways we can assist you. The future may be filled with unknowns, but your child’s care doesn’t have to be one of them.
