Caring for children with special needs brings a kaleidoscope of challenges and rewards. I am lucky to be friends with many parents who provide excellent care for their children with special needs. The love, patience and understanding they show every day is truly inspirational. Their courage and strength move me, and I always do my best to help as best I can. It is these relationships that fueled the genesis of this blog post and have personally highlighted the importance of a comprehensive estate plan for families with children with special needs.
One of these challenges is ensuring the long-term welfare and how and by whom these children would be cared for if something unfortunate happened. This is where estate planning with a Tallahassee Estate Planning Lawyer becomes beneficial and imperative. Let’s explore why estate planning is a crucial step for families with special needs children and how it can provide you with peace and comfort, knowing your children with special needs are taken care of.
If you’re looking for ways to get a head start, here are three actionable steps you can take today:
Understanding the Necessity
According to the Social Security Administration, as of 2020, roughly 12.0 million people aged 18–64 received government benefits based on disability. Furthermore, the World Health Organization estimates that nearly 1 in 6 people worldwide have some form of disability. We will likely all closely encounter someone who would benefit from a thoughtful estate plan for those with special needs.
Estate planning for families with special needs children is about crafting a future that continues to provide for a child’s unique needs when parents or primary caregivers are no longer able to do so. Generally, there are three primary objectives in estate planning for those with special needs:
- Ensure the child has the financial resources they require; and
- Ensure that they maintain their eligibility for essential government benefits that they may be receiving now or in the future.
- Establish legal guardians for the children if something unfortunate happens to you.
The Special Needs Trust
Estate Planning Lawyers often utilize a unique trust to accomplish a sound and effective estate plan… the Special Needs Trust. A Special Needs Trust is designed to allow assets to be managed on behalf of a person with disabilities without affecting their eligibility for programs like Medicaid or Supplemental Security Income. A Special Needs Trust can help fund various costs and expenses without compromising government aid, such as costs for personal care attendants, out-of-pocket medical expenses, education, transportation, and healthcare.
Guardianship Considerations
Caregiver Playbook
Beyond the financial aspect, proper estate planning for children with special needs should include detailed instructions to act as a playbook or guide for future caregivers. After all, you know your child best, and your specialized knowledge of your child must be downloaded to future caregivers. It would be best to outline everything from the child’s daily schedule and food preferences to details about medical treatments, favourite activities, and behavioural management strategies that are effective and comforting for the child. You know your child best, and helping future caregivers is in your child’s best interest and can more quickly enable them to maintain their current schedule and way of life.
Financial Considerations
Life is expensive and only getting more costly. No one knows and appreciates this more than families bearing the burden and additional expenses of the host of services many children with special needs require. As such, Parents should also consider life insurance policies that can provide a financial safety net for the child, ensuring that their needs are met without interruption. Term life insurance rates are often very affordable and can provide this safety net for your children.
Comfort in Clarity
The ultimate goal of estate planning for special needs families is to create a clear, legally sound plan that eases the worries of the unknown and provides a clear playbook for the future that ensures love, care, and support for your family and children throughout their lives. Contact our experienced Tallahassee Estate Planning Lawyer today to discuss estate planning strategies for you and your loved ones.
