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Adequate planning for kids with long-term needs

Oct 28, 2021 | Estate Planning And Probate Law

Parents of children with special needs may have concerns regarding what will happen to their children long-term. Some kids with disabilities may require permanent care, and Texas parents may need to consider how they can meet these needs in the future. By implementing specific types of estate planning tools, parents can ensure their kids have what they need for security and stability even after they pass away.

Creating a special needs trust

One of the most prudent steps for parents of special needs children is to create a special needs trust. This allows one to set aside assets for a specific purpose, such as the care of a disabled family member. The money protected by the trust can be used for needs such as housing, food, clothing and health care. Assets held in a trust do not impact one’s eligibility for government benefits.

When creating a trust, one will name a trustee to oversee the management of all trust assets. This person also ensures that trust assets are distributed appropriately. Effective long-term financial management planning is another benefit of creating a special needs trust.

Working with an expert

Creating an estate plan that will sufficiently address the needs of a special needs child can be complex. It is helpful to work with an experienced Texas estate planning attorney to ensure the appropriate plans are in place. Through careful and thoughtful planning, parents can feel confident about the well-being of their kids well into the future.