Upper Arlington Special Needs Estate Planning
As a parent or guardian of a special needs individual, you have consistently endeavored to provide them with the necessary support and services. From coordinating with their Upper Arlington schools for an appropriate education plan to securing government assistance, the role of caring for someone with developmental or physical impairments is substantial. This level of advocacy doesn’t cease when you can no longer provide it. There may come a time when you can’t care for your loved one due to death or incapacity, hence the importance of having an estate plan ready for such eventualities.
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.
Crafting the Special Needs Estate Plan, That’s Right for Your Situation
Since your special needs dependent may not have the ability to represent their interests after you’ve passed, it’s essential to write down your wishes and consolidate all necessary documents in an easily retrievable file box. When it comes to arranging this information and launching the estate planning process, there’s no such thing as starting too soon. Our experienced special needs estate planning attorney will meet with you to make sure 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.
Safeguarding the Future: The Necessity of a Special Needs Trust
Your child is probably eligible for several government benefits that assist with their care and medical requirements due to their disability and no financial assets in their name. However, if you die and bequeath your assets to your child, believing that you’re providing the financial support they need, it could inadvertently disqualify them from these key benefits, 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 Estate Planning Journey with Jarvis Law Office Today
A special needs estate planning attorney can help you plan for the future and make life better for your child with special needs now. Contact us in the Worthington area today to talk about how we can help you. The future holds a lot of uncertainty, but your child’s care doesn’t have to be one of them.
