Estate planning is always a good practice, but when it comes to a parent that has a child who has special needs, it is almost a necessity. All cases are different from the levels of care, varying greatly from situation to situation. Proper planning on the parents part will not only benefit the child, including an adult child but also help any siblings who may have to have a hand in the care of their sibling in the event of the parent or primary caregivers passing. There are different components to special needs planning including
- Special Needs Trusts, including first-party, third-party, and pooled trusts.
- Life Insurance
- ABLE Accounts
Just as the day to day caregiving can be overwhelming with that of a child with special needs, so can planning for their future after you are gone. It is an emotional journey because you know no one can take care of them like you can, and planning for that is heart-wrenching. As parents, we do what we always do- we strive to make the best decisions we can for our children, and that includes whether we are here now or have passed on.
How do I Create an Estate Plan for a Child with Special Needs?