Estate Planning for Children with Special Needs
If you are a parent of a child with special needs, it’s crucial that you have an appropriate estate plan in place to ensure their future is protected. Estate planning for a child (or other beneficiaries) with special needs requires care, compassion, and particular knowledge of the ever-changing law.
Here at Margerie Law, I’m proud to provide comprehensive and customized estate planning services to families of all shapes and sizes in the Milwaukee area. The article below outlines some basic tips for estate planning for children with special needs. After reading, give me a call to discuss your particular situation and get started protecting your family’s future.
Important estate planning considerations for children with special needs:
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- Don’t leave children with special needs out of your estate plan. It is a common and dangerous misconception that children with special needs can live on public benefits or be entirely supported by siblings or other family members after the parents pass away. However, while many people with special needs receive public benefits such as Medicaid and Supplemental Security Income (“SSI”), these often only cover the most basic needs. Siblings and other family members may mean well and do everything they can to support their loved one with special needs, but their own financial or other life changes may render them unable to do so. For these and many other reasons, it is crucial to prepare specific documents that ensure your child with special needs is cared for throughout their life.
- Don’t procrastinate in planning for a special needs child. While everyone over the age of 18 should have at least some basic estate planning documents in place, this becomes even more important once you have children. For families or children with special needs, estate planning is absolutely critical. It’s a truth of life that none of us knows what will happen in the future, so its important to start your estate plan early and keep it updated. While typically developing children may eventually be able to access the necessary resources to make up for a failure on the part of the parent to plan, a child with special needs may never have this ability. By making room in your estate plan to specifically protect a child with special needs, you can ensure they are well cared for even after you pass away.
- Create a special needs trust. As outlined above, it is crucial that you plan specifically for a child with special needs rather than hoping a sibling, loved one, or public benefits will support them after you pass away. One of the best ways to do this is to create a special needs trust. Many people have the misconception that including a special needs child in an estate plan will render them ineligible for public benefits but a special needs trust can help you avoid this issue. A special needs trust can cover expenses ranging from medical and dental care, special equipment such as a wheelchair or vehicle, education, insurance, housing, and food. The rules for what expenses can be covered by a special needs trust are constantly in flux and an experienced attorney can help you navigate these changes to ensure your loved one is protected.
- Laws change all the time, so hire the right attorney. In past decades, people with disabilities had virtually no protection under the law. Things changed dramatically after the 1990 passage of the Americans with Disabilities Act, which protects the civil rights of people with special needs. That being said, the public benefits that individuals with disabilities receive from the government can change drastically from year to year. The right attorney can keep up to date on these changes and use that knowledge to advise you on how to keep your estate plan up-to-date to ensure your loved one is always protected.
Every parent wants the best for their children. If you have a special needs child, let me help you ensure they are cared for throughout their life. Through specialized knowledge and a passion for helping families, I and my team at Margerie Law help people across the Milwaukee region create customized, comprehensive estate plans to protect their futures. Give us a call to get started today.
