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Estate Planning
While this section is intended to offer useful and accurate
information, it is important to be aware that laws and procedures are
constantly changing and that this is not a substitute for seeking
expert advice. To formulate a legally valid estate plan it is necessary
to have the services of a professional familiar with estate planning,
preferably one that has expertise in planning for parents of persons
with disabilities.
Parents of disabled children face unique challenges in planning for their children's social, medical and financial needs. Planning for the unthinkable allows one to take control of their child's emotional and financial security. It also gives a peace of mind to know that your child will be cared for in the way intended.
Many families believe that they have so few assets that an estate plan is not necessary. This is not true. Families often have more assets than they realize, although some assets may become important only after death. The most notable asset of this type is life insurance. Therefore, whether one comes from a family of substantial means or with little or no assets, estate planning should be done.
The primary factor will be whether a child receives (or may one day need to depend on) government benefits such as Supplemental Security Insurance (SSI), subsidized housing, personal attendant care, or Medicaid. If a child acquires too many assets through inheriting all or part of the family's estate, he or she may be ineligible for these benefits. Therefore, in order to protect a child's eligibility for government benefits at some point in the future and to provide for their long-range needs, it may be necessary to consider establishing a special estate plan.
If the child's disability affects their mental capability, the
need to create a special estate plan is understandable. Mental illness
and cognitive disabilities often impair a person's ability to manage
their own financial affairs while simultaneously increasing financial
need. As a result, care must be taken to ensure that there are assets
available after the death of a family member or caretaker in order to
help the child, while also providing that the assets are protected from
their inability to manage them.
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