Do you have a child or another loved one with special needs? Do you have concerns about what will happen to this person upon your death? Are you interested in taking steps today to ensure a better future for this person?
If you answered yes to these questions, now’s the time to learn more about special needs planning.
Your goal is to create a plan that allows you to support your child, both emotionally and financially, after you are gone. While you can only do so much planning, the right decisions today will put your loved one in a better position tomorrow.
On the surface, special needs planning sounds simple enough. However, as you learn more about your options and the process of setting everything up, you’ll come to find that there are many questions to answer.
- Is there a right and wrong way to approach special needs planning?
- Are you familiar with the process of creating a special needs trust?
- What steps can you take to pass down assets to your loved one without them losing eligibility for government benefits?
- Is direct gifting a problem?
- Who will you name as the trustee of your special needs trust?
- What type of care does your loved one require? Will this continue to be the case in the future?
As you answer these questions, expect others to come to light. For example, you’ll soon find that direct giving is a big no-no, as it could lead to your loved one losing important government benefits.
There’s no better time than now to tackle special needs planning. If you continue to put this off, you’re taking a big risk with the future well-being of your loved one.
Should you be ready to take action, contact our law firm to set up a consultation. We’re here to walk you through the special needs planning process.