Powell Special Needs Estate Planning
Being the parent or guardian of a person with special needs, you’ve always ensured they get the necessary support. From working closely with administrators from the Powell school system for suitable educational plans to applying for government benefits, looking after someone with developmental or physical challenges is no trivial matter. The need for such care doesn’t end when you’re unable to provide it. Whether due to death or incapacity, there may come a day when you can’t look after your loved one, which is why devising an estate plan for the future is of great importance.
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.
Key Elements of Your Special Needs Estate Plan
As your dependent with special needs may lack the ability to stand up for their rights once you’re gone, it’s imperative to record your intentions and collate all necessary documents in a file box that can be located without difficulty. Promptness in organizing this information and embarking on a comprehensive estate planning journey cannot be overemphasized. In your session with our Powell estate planning attorney, we’ll verify that your file includes 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.
- 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.
Why a Special Needs Trust is Essential for Your Child’s Future
Given their disability, your child likely qualifies for several government-assisted programs that help cover their medical and care needs. This is possible because they don’t own any substantial financial assets. But, if you pass away and leave your assets to them to ensure they’re financially secure, you might unintentionally jeopardize their eligibility for these vital benefits, thereby causing more harm than good.
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
Let our Powell special needs estate planning attorney assist you in preparing for the future and enhancing your child’s current quality of life. Reach out to us today to find out how we can help. Although the future might hold many unknowns, your child’s care doesn’t have to be among them.
