Parents and grandparents with a special needs child are unfortunately faced with the ultimate realization they are not always going to be around to care for their child. As independent as there their child may be, there is often a need for ongoing special care. A trust can be a very helpful tool in ensuring that at the very least, your child will be financially secure even after you are gone.
Even with government benefits, this may still not be enough to support your special needs child. That is why a special needs trust can supplement these benefits to further ensure the security and welfare of your child’s future. A special needs trust can be created by you as the parent or grandparent through a third-party special needs trust. This type of trust can allow your child to receive additional benefits from a supplementary trust without interfering with government benefits. Another tool that can help along with a special needs trust is life insurance.
This can be a complex estate planning situation, as you will want to make sure it is set-up correctly and is catered to your child’s specific needs. In addition, certain types of benefits can impact government benefits such as SSI or Medicaid. Setting up a special needs trust can be overwhelming for many parents. A knowledgeable and experienced California estate planning attorney can help with this matter. Your child’s future is very important to you and your family. A lawyer can help you achieve your estate planning goals.