Parents of a child with special needs have a host of additional issues to deal with on top of raising children. Decisions about the child’s health, wellness and security both present day and in the future come into play the moment a couple becomes parents, and while every parent wants future security for their child, in the case of a child has special needs, it’s necessary to address these issues as soon as possible.
While a special needs trust is a fairly simple process, parents or guardians must enlist the help of a trusted estate planning attorney to ensure they have the necessary paperwork and documents.
Michael J. Kanzer’s Brooklyn New York Estate Planning Law Firm also has extensive knowledge and years of experience in the areas of Wills and Estate Planning and all parts of that area of the law. While many may be aware that there are four essential estate planning documents will, health care proxy, living will, power of attorney, there are various of opportunities available in the estate planning law specialty that allow people to further plan for their future and the future of their loved ones, like a special needs trust.
When thinking about any will or estate planning, consider the needs of all members of your family in the future. If one of your children has special needs, has a disability, or if one of your children is an adult and is an alcoholic or has a drug addiction, then a special needs trust may make sense for your estate planning future.
What is the purpose of a supplemental needs trust?
In simple terms, parents or guardians may consider this available tool if their child cannot handle money, whether they are unable to due to a disability or they cannot be trusted because of a storied history or serious addiction issue.
When it comes to a child with a disability, the purpose is to supplement the assistance this individual is provided by Medicaid, Medicare, Social Security, Supplemental Security Income and other public benefits programs. Due to the fact that these programs provide a meager sum of money, parents with the ability to would be smart to start a trust for their child to ensure they have the best way of life possible for their situation.
And remember, circumstances change, so it’s necessary to assess your estate plan at least once per year, and then once you review it, you may decide it makes to leave it as is, or it’s best to edit it as per your current situation. Contact the Brooklyn law office of Michael F. Kanzer & Associates, PC today for assistance with anything pertaining to estate planning law.