Parents with special needs children often worry about who will take care of their child when they are gone? How do they ensure that adequate provisions are made for the child’s future and how make sure that leaving assets for the child or saving money for his or her future does not prevent access to necessary government support?
Even parents who don’t have disabled children must ask themselves these same important questions when planning for the future.
Physically and mentally disabled individuals are entitled to government support in a vast majority of cases. However, what many people do not realize, is that this support, which often comes from the federal and state governments, can be affected if the child who is receiving these benefits inherits any of the parent’s assets or income. Advance special needs planning such as the establishment of living or testamentary supplemental needs trusts and other devices are imperative for parents with children of special needs.
At Landskind & Ricaforte, we work with our clients to create a special needs plan tailored to each family’s individual needs and even provide trustee services for those that do not have individuals that they would entrust with their children’s inheritance.