If you are the provider/caregiver/parent of a loved one with a disability, undoubtedly you have spent countless time worrying about what will happen when you are no longer able to care for him/her or what will happen to him/her when you die. Attorney Tim Crawford can help put your mind at ease by creating a Special Needs Trust.
Dealing with an uncertain future can make estate planning a wrenching experience for parents with a disabled child. One of the main concerns the parents face is being sure that the financial needs of their disabled child will be provided for adequately. It's important for the parents to recognize that their disabled child may continue to need their assistance long after the parents have died. That means a careful plan is important. The answer is a Special Needs Trust. Such a trust provides additional financial security to a beneficiary without endangering present or future government benefits.
A Special Needs Trust allows you to leave any amount of money to your disabled loved one without the fear of him/her losing their government benefits. The funds in the Special Needs Trust can also assist in the quality of life of your loved one by paying for: annual check-ups, transportation, insurance, dietary needs, entertainment, and so much more without jeopardizing his/her government benefits.
An outdated and poor technique is to disinherit the disabled child and leave an additional share to another child. Using this technique, the parent imposes a moral obligation upon the other child to use the additional share to assist his or her disabled sibling. Why is this a poor technique? The other child may die, become incapacitated, be entangled in a divorce, or become bankrupt. In all of these cases, the “disabled child’s share” may be at serious risk which is why a Special Needs Trust is so important.
Attorney Tim Crawford can help secure your special needs child’s future. Call Attorney Crawford for more information or to set up a free consultation to discuss your planning needs.