What Is a Special Needs Trust?
Frank and Joan go above and beyond to provide for their son with special needs, Michael. And more often than not, they always have answers to even the most complicated issues. But when it came to their estate planning needs, even they admitted they were unsure what would happen to Michael if they were to die. This is where a Special Needs Trust can help.
Knowing that you need a plan to account for all of life’s what-ifs can be overwhelming when you’re a parent. Children should absolutely be a significant part of any strategy you put in place — especially those with special needs.
What is a Special Needs Trust?
A Special Needs Trust is a type of Trust that caters to the unique needs of individuals with special needs or disabilities while at the same time protecting their inheritance. The goal is to ensure nothing gets in the way of your special needs child receiving assets from the Trust to pay for future care and services that government benefits may not already cover.
• Special equipment
• Additional medical care
A Special Needs Trust can be created as you take care of your own estate planning needs, including your Will, Trust, powers of attorney, medical directives, etc. You’ll want to name a trustee to manage the trust assets for the benefit of your child and provide that person with a detailed list of instructions that spell out anything and everything they’ll need to know about your child. Doing so helps put all your ducks in a row and gives you peace of mind as you move forward.
Call Caitlyn Ashley Law today!!
Having a plan for the future is the most important gift you can give yourself and your family. Granted, none of us will ever know for sure what is around every corner in life. And just thinking about the what-ifs — what if I were to die or become incapacitated tomorrow; what if my child with special needs has no one to care for her; what if all my “stuff” isn’t passed onto the right people — can be overwhelming. But having a plan that accounts for your family’s unique circumstances, puts your affairs in order, has concrete solutions to your concerns, lays out your wishes and goals, and protects your family’s future provides peace of mind for the road ahead.
Caitlyn Ashley Law in Denton, Texas, will counsel you on which documents are best suited for your needs and ensure they are flexible enough to meet your changing needs for years to come.