A complete estate plan is an essential part of your future and everyone should have one in place. If you are worried about the future of your special needs child, an estate planning attorney can assist you in making sure he or she is taken care of once you have passed.
It is vital that you sit down and discuss the future for your special needs child as many of them are dependent financially on someone else. A good estate plan in place can ensure they are well taken care of.
If you would like to schedule a consultation, now is the time to do so. Our estate planning attorney in NYC is ready to assist and guide you.
Advice from an Estate Planning Attorney: Plan for Your Dependent
Below, our estate planning attorney will talk about some of the strategies and steps you should consider as you formulate an estate plan with your dependent child in mind.
Know what your goals are
As you start to create your estate plan, think about what your goals are for the future. You should speak with your family members to find out what everything thinks is best and then go from there.
Once you have goals in mind, you can get them written into the estate plan as a starting point. Remember, your estate plan can be changed at any time.
Two things you want to visit when discussing the future of your special needs child is who will oversee their care and what type of care will be provided, such as a nursing home, independent living, or assisted living.
Setup a trust for your dependent with special needs
One way to financially prepare your dependent for the future is to establish a trust in their name. There are special types of trusts out there that will allow the creation of the trust without affecting any current benefits that your loved one receives.
With a trust, you or any other family member can add money to it and the money will be dispersed to pay for the needs of the dependent. Trusts are an excellent way to provide for any dependent with special needs throughout their lifetime.
If your dependent has any type of cognitive impairments, which may prohibit him or her from managing their money, you can appoint someone to manage it for them.
Tip: Before you make any decisions about a trust, it is important that you speak with a qualified estate attorney to learn more about which type of trust would be in the best interests of your dependent.
Keep your estate plan updated
You never know when the needs of your loved one will change and fortunately, an estate plan is not set in stone. You can change your estate plan whenever you need to, and it is recommended that you do periodically review it and make any necessary changes.
Get the Help of an Estate Planning Attorney Today
If you are ready to start exploring your options and creating an estate plan, now is the perfect time. Remember, you can always make changes to the plan, but it is a good idea to get something in writing.
An estate planning attorney can assist you with creating the plan and knowing which options might work best for your family.
If you would like to schedule a consultation, call Morgan Legal Group PC today at 212-561-4299.