Several unique aspects are associated with raising a special needs child. Families need to exercise a lot of caution to ensure that their decisions do not impact these children negatively. One area where caution is necessary is during estate planning.
The aim of making an estate plan with a special needs child in mind is to ensure that any inheritance by the child is not listed as an asset by public benefits agencies. Parents need to manage their income in a way that does not impact the kind of benefits their special needs children receive from the government.
Setting up a special needs estate plan involves a lot of challenges, and the whole process can get overwhelming. Some challenging areas revolve around establishing the kind of care your child will need and the benefits your child will be eligible for at 18 years of age. The good news is that there are several options available to assist parents in completing this process.
Let us look at some important issues to address when planning for your special needs child: