When you are no longer able to care and provide for your special needs child, there needs to be an adequate plan in place. Special needs estate planning is crucial to ensure the well-being of your special needs loved one. Amicus Law Firm can provide counsel and strategy for you and your family, so you can rest assured knowing your special needs child has a plan for financial security in place.
If you have a special needs child, you need to have a plan in place as soon as possible. Life can be unpredictable, and being proactive and contacting qualified legal help will bring you peace of mind in the event of a tragic situation.
The estate plan for your special needs child involves a plan for you, the parent, as well. In the event of an untimely death or major illness that leaves you unable to communicate, you need to have a plan for who will manage your finances, medical decisions, and allocation of your property if your special needs child is unfit to do so. This secures your future as well as your child’s.
A Special Needs Estate Plan Can Include Guardianship and a Revocable Trust
Every special needs child has a conservatorship or guardianship. This is a term that refers to who is legally designated to make important decisions for that special needs child. This guardian makes financial decisions and medical decisions for the child as well. You, the parent, are likely the legal guardian of your special needs child. You need to secure a plan for who will succeed that title in the event you pass away or become medically unfit to make important decisions. Discussing conservatorship and guardianship with legal counsel is the optimal way to rest assured that you’ve taken every step to care for your child.
Special needs estate planning covers a wide variety of options for protecting the wellbeing of your special needs child. Have an attorney help with creating a will or revocable trust. This trust will specify how much of your estate will be given to your child after your lifetime. By setting up a trust, you ensure that your special needs child can maintain an adequate quality of life after their parents have passed away. It’s incredibly important to consult with an estate planning lawyer during this process. When a child receives a portion of your estate from your trust, it may affect your child’s eligibility to receive Medicaid in the future should they need it. By consulting with an attorney, you can cover all your bases and rest assured you’ve made the most proactive plan.
The special needs planning process can be time-sensitive and requires vast documentation and organization. The Amicus Law Firm is highly skilled in creating wills and revocable trusts. We offer Medicaid planning and special needs planning as well to provide a comprehensive range of services to help you and your family every step of the way. Contact us today for a no-obligation consultation of your case.