Estate planning is something that everyone can take advantage of. It is the legal process of preserving your assets and ensuring that they go to the right people upon your death.
Nonetheless, every situation is unique, and proper estate planning must reflect this. Those with family members with disabilities may need to include some precise elements in their plan. Here are some important factors to consider.
Special needs trusts
People with disabilities can often take advantage of government programs like Supplemental Security Income (SSI) and Medicaid. However, qualifying for these benefits is dependent on income and assets.
If you were to pass away and give assets to a family member, their eligibility for benefits may stop. A special needs trust can help you avoid this. Assets can be set aside without counting as personal assets, allowing your loved one to continue receiving government benefits.
Appointing decision-makers
As a parent, you may be the key decision-maker in your disabled child’s life. But what happens if you pass away? There will need to be a new decision-maker.
Certain estate planning tools, such as powers of attorney, guardianships and healthcare proxies, allow you to appoint trusted people to make key decisions for your family. The appointed parties have a legal duty to act in the best interests of your child.
Long-term care
An estate plan also allows you to implement long-term care. You may want to draft a letter of intent that outlines your wishes for future caregivers. Life insurance can also be a great way to provide long-term care.
These are just some estate planning options, and there are numerous others to consider. To set up a plan that works for you, it can help to seek legal guidance.
