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Plan for your special needs child after your death

Raising a special needs child is a challenge for many reasons. Not only do you have to deal with the day-to-day challenges, you also have to think about your child’s future. The future of a special needs child isn’t certain. The planning can really take its toll on you.

One thing that you need to think about, even though it isn’t pleasant, is how your child will be cared for if you pass away. Whether an adult or a child, your estate plan should reflect his or her needs. Here are some points to consider when you trying to make sure that your child isn’t left high and dry after you pass away.

Financial support

Financial support for a special needs child is difficult, but it isn’t impossible. Just because you are gone doesn’t mean that your child’s needs are going to change. Your child will still need care, a place to live and money to pay necessary expenses. Taking care of this now can help you to feel at peace since you know that your child’s future will be more secure.

The fine line you have to follow

If your special needs child receives any income-based or asset-based assistance, you have to consider the guidelines for these programs when you are making plans for after your death. One option that you have is a special needs trust. These trusts enable you to take care of your child financially after you pass away, but this help isn’t going to affect the assistance.

How a special needs trust works

When you establish a special needs trust, you put assets in the trust that are for the person’s benefit. Your child won’t have control over the assets. Instead, the assets in the trust are managed by the trustee. The trustee can then use the trust to benefit your child. This means that your child can still live without having to lose need-based assistance because of a sudden influx of assets.

Other considerations

You also have to think about other things when you are getting your estate plan together. Make sure that you plan for what is going to happen if you can’t make decisions for yourself and set up your final arrangements. When you have a special needs child, the goal of your estate plan is to take care of all issues that might arise when you are gone.

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