SUGGESTIONS for families with children with special needs:
- Establishing a team of advisors, along with you, to help with estate planning but particularly to assist with the ongoing care of children with special needs through adulthood.
- Meeting with a qualified special needs estate planning attorney to prepare or update various documents, including a will to name guardians and a special needs trust to hold assets. A revocable trust, powers of attorney and medical directives may also be necessary.
- Reviewing the titling of assets to ensure they are held in trust or special needs children, because outright distributions could disqualify government assistance.
- Talking to siblings and parents about being guardians and discussing their responsibilities.
- Creating an independent trust, and funding it with life insurance. The special needs trust must be set up in such a way that it accepts gifts.
- Preparing a Letter of Intent outlining the parents’ desires and hopes for their child with special needs, along with critical information pertaining to his or her care.
The following case studies demonstrate common and real world scenarios you may encounter while working in this market: Case Studies