Special needs planning is estate planning designed to provide for and protect beneficiaries with disabilities while preserving entitlement to needs-based public assistance programs. It typically includes five essential planning tools that the estate plan of a parent with a special needs child must incorporate: financial durable power of attorney, healthcare power of attorney, pour-over will, revocable living trust, and standalone special needs trust — created and funded.
There are three primary advantages of creating a special needs trust that is compliance with the rules:
- The funds in the trust don’t count as the beneficiary’s resources
- It provides continuing management when family is no longer available
- There’s potential for greater independence by maximizing public and private resources
But the most important purpose of a special needs trust is to identify the people who you would like to take care of your child if you no longer can. Your trust can include instructions and guidance regarding ongoing care, housing, medical, and social needs.
We are passionate about helping parents of children who are on the autism spectrum plan for their future and experienced in effective special needs trust planning, so we can help you navigate the medical, educational, legal, and financial issues involved.