Estate planning for parents of kids with special needs
Parents of special needs children in Connecticut may wish to take special care when it comes to making their estate plans. There are certain types of plans that can help to provide support and protection for people with special needs throughout their lives. This can be especially important because kids with special needs may become eligible for different types of benefits that allow them to receive the care that they need. Some people may be unsure about how to plan for the future because they are unsure of the amount or type of professional support their children may need in the future.
However, this can be an important part of the estate planning process. An attorney can help parents to create a unique, personalized plan tailored to the need of a particular family. One tool that is often used is a special needs trust. This kind of trust allows a child to remain eligible for government benefits that may be necessary throughout his or her lifetime. However, the trust also provides important additional financial support for the child throughout his or her life, especially because public benefits only cover a bare minimum of expenses.
Wealthier families who expect that their children will never need to access government benefits may make use of a simple discretionary trust. They could also opt to create a trust that allows the trustees to transform it into a special needs trust if that becomes necessary by the time the parents pass away. These options allow parents choices when planning for the future.
Parents of kids with special needs often want to ensure their children will be protected in the future, but they may not know where to begin. An estate planning lawyer might provide guidance and advice on creating trusts and other options that can provide greater peace of mind.