Although all parents worry about their child’s physical, emotional, and financial well-being, as the parent of a child with special needs you have unique concerns. The need to provide financially for your child in the event something happens to you is heightened. In addition, you may want to continue providing financial support to your child when your child is an adult. Gifting assets toy our child directly, however, creates more problems than it solves. The special needs planning attorney at Amato Law, PLLC can help create an estate plan that protects and provides for your special needs child both now and in the future.
Why Is Special Needs Planning Necessary?
In today’s world, a child with special needs can grow up to live a relatively independent and certainly happy life. Despite the advances in science and medicine that make that possible, however, your child may continue to need specialized therapeutic and medical care for life. The cost of that care can be exorbitant. If you can continue providing financial support to help cover the cost of that care when your child reaches adulthood, care must be taken in the manner in which you provide your financial support. Money or other assets gifted to your child will be considered when determining eligibility for state and federal assistance programs such as Medicaid, Supplemental Security Income (SSI), and housing assistance and may cause your child to lose eligibility. Special needs planning focuses on incorporating legal tools and strategies into your overall estate plan to allow you to provide financial support without jeopardizing your child’s eligibility for government benefits.
How Can Special Needs Planning Help?
The key to providing continued financial support to your adult child with special needs is to include Special Needs Planning in your estate plan. For many parents in your position, that includes creating a special kind of trust that can protect assets designated for your child, either while you are alive or after you are gone. It also ensures that the money or assets held in the trust are only used to help supplement the assistance your child receives from government programs. Creating a special needs trust eliminates the possibility that trying to help financially could backfire and result in your child being disqualified for important assistance programs.
Our attorney at Amato Law, PLLC can help you protect your child’s eligibility for much-needed assistance programs while also allowing you to continue to contribute to your child’s financial support. Contact our office today by calling 212-355-5255 or filling out our online contact form.