Estate Planning And The Special Needs Loved One - What The Family Needs To Know

By James Grennen | September 18, 2020


Planning for a loved one with special needs presents several challenges.

With public benefits available to those with special needs, how do you leave funds without risking their eligibility?

How to ensure the burden which can arise can come from caretaking doesn’t negatively impact the bond with siblings.

Should you leave part of your estate to a loved one with special needs?

These are a few of the challenges that can arise. Families who make maximum use of a special needs plan will make better decisions. This affects not only their special needs loved one but the rest of the family as well.

Creating a special needs financial plan will lessen the financial load and allow the loved one to live a full life. This means enjoying security, independence, and more freedom.

A sound special needs financial plan has two objectives:

  • Develop a lifelong plan for the loved one with special needs.
  • Integrate that plan with the comprehensive family plan to ensure that it meets all family members’ needs.

The central part of this is a Special Needs Trust. You see, parents of children with special needs often leave the estate to their other children while trusting they’ll look out for their sibling with special needs. They often mistakenly assume that public benefits or financial help from siblings will be enough to sustain a long, quality life.

guide-special-needs-planning-cover-cmpOverburdened siblings can lead to resentment within the family. While public benefits may be sufficient today, this may not continue into the future. We help ensure that families with a special needs loved one avoid these problems.

Here’s the deal:

We’ve got a short guide on special needs planning created by the Academy for Special Needs Planning that covers:

  • Choosing a trustee
  • Funding the trust
  • Important trust options
  • And much more

It’s a no-obligation download that can help the special needs family face the unique challenges when doing their retirement and estate planning.

Download Now

Topics: Financial Planning, Family Financial Planning, Special Needs Planning

James Grennen

Written by James Grennen


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