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Planning for the Future with your Special Needs Child in Mind
Posted by: Bob Kalish
January 28, 2010
Topic: Wills, Probate and Estate Planning
If you are the parent or guardian of a special needs child, you have no doubt experienced times of concern about what will happen in the future. You may worry about how to best help your child succeed as he/she grows to adulthood, and you may worry about what will happen if you were no longer around to take care of your child.
"Planning for the present" means that you should at the very least have a valid, up-to-date will from the moment that your child is born or adopted into your family! "Planning for the future" means two things: a) planning financially for your child's adulthood with you in it and B) planning for your adult child's situation after you are gone.
The terms "Special Needs" and "Disabled" cover a wide variety of issues and a wide variety of individuals. A well-thought out plan will take the entire situation into consideration and will be tailored specifically for you and your family.
It is crucial that you have a well-thought-out plan in effect. In order to do that, you must realistically ask yourself the following questions:
1. Is it likely that my child will be able to live independently as an adult? If not, will I need to consider a guardianship once my child becomes an adult? If s/he will be able to live independently, what will be his/her vulnerabilities and do I have a plan in place to address them?
2. What will be my child's medical needs for the future? How will we be able to afford the care, supplies, medication, counseling, training, and assistance that s/he needs? What about after I am gone?
3. What governmental or private sector assistance is available to meet my child's needs? Are there income requirements? Will it be likely that these programs will be around indefinitely or are they already at risk for being discontinued? What other options are there?
4. Who will take care of him or advise him after I am gone? Who will take care of his/her finances? Is it wise to "just trust" my other children to do the right thing? What if they are unable? Do I have the proper legal documents in effect and are my wishes written specifically enough? Does the Guardian/Trustee have a realistic picture of exactly what they will be expected to do? Do my documents protect my family members from liability and my child from claims against the property?
5. Do I need to draft a particular type of trust for my child? Is a Supplemental Needs trust appropriate?
Many associations and support groups have information about specific resources that are available for your child's special needs. By using those resources, your own research and experience, and getting professional advice from your lawyer and accountant, you will be able to make an informed decision. Your lawyer can explain the various legal options to you, as well as explaining the rights and responsibilities of trustees and guardians. You will want to reevaluate your plan from time-to-time to be sure that your plan is always appropriate and up-to-date.
The above list of list of questions are a good guide to use when making an appointment for a legal consultation and can help you decide what information to bring to the lawyer's office and what questions to ask while you are there.
Any professional that you choose to help your family, including a lawyer, should have the right blend of training, empathy and practicality, to best serve your child.
