As parents, we all want to provide for our children, now and after our death. But parents of children with special needs understand that everything must be done differently, including setting up your estate plan. You must realize that an estate plan for special needs children includes having additional items.
Estate Plan for Special Needs Children
When establishing your estate plan for a special needs child, think about these 5 considerations:
- Special Needs Trust
This is listed as number one for a reason! A special needs trust is specifically designed to protect your special needs child.
- Guardianship
Choosing someone to love and raise your children is hard enough, but asking someone to care for your special needs child lovingly requires extra planning.
- Finances
You must understand that you cannot leave your life insurance, retirement funds and other monetary assets to your special needs child. These tools can be used to fund your child’s trust. However, you must take care to fund the trust correctly to avoid having your child not qualify for any special government programs.
- Government Programs
There is specific government help for your child. This is why working with someone who understands the government programs available to your child will help you properly establish an estate plan.
- Medical Care
Does your child require additional medical care? Making sure this care continues after you have passed away is extremely important.
Your estate planning must include long-term care for your special needs child. Protect their future by working with an estate planning attorney who understands your specific needs and unique provisions needed.
Oak Brook Estate Planning Attorney
Do you have questions about a special needs trust in Illinois? Contact the Estate & Probate Legal Group at 630-864-5835. Our experienced attorneys understand applicable laws and advise you on the best options to protect your loved ones.
Areas we serve: Cook, DuPage, Kane, Lake and Will counties.
