Estate planning in Seattle offers families the means to make provisions to preserve their wealth, provide for their relatives and secure their legacies. When you have loved ones with disabilities to consider, you need to include arrangements that go beyond the basic scope of life care planning. As important as it is for you to consider every possible contingency, including provisions for a special needs child or relative comes with its own set of challenges.
Estate planning with special needs considerations requires a critical eye to ensure that your disabled children are properly cared for and preserve their eligibility for certain state and federal benefit programs. To make sure that your special needs arrangements coordinate with your estate plans and adequately protect your kids, consider the following pointers:
Incorporate a special needs trusts
There is a strong possibility that your children may qualify for public benefits. Create a special needs trust to preserve their eligibility and protect their inheritances. When structured properly, a special needs trust houses the assets and funds your children currently have and will inherit; the trust also prevents mismanagement.
Invest in life insurance
Anticipating your special children’s needs for life after your death is not easy. Make sure you have enough money and resources in your estate to provide for them financially to offset potential issues that may arise regarding their care and well-being. The cost of health care and living will continue to increase after your death. Life insurance can help you to bridge any financial gaps regarding their care.
Make a care plan
Though you could allow the trustee of the special needs fund to make decisions regarding your children’s care and disbursement of assets and funds, it is easier and more convenient to include a letter of intent that highlights specific instructions on how you want your children to benefit from their oversight. Your trustee may have good intentions and mean well, but documenting your wishes and providing guidance can help you trustee to provide your children with the utmost care that aligns with your wishes and protect their future.
With careful planning and the right resources, you can ensure that your estate plans and special needs kids are set in the event that you are no longer around to provide them with the life they deserve.