Developing a family plan is vital for protecting assets. It is also crucial for providing a secure future for those with special needs. Unfortunately, many families don’t know how to make a successful life plan; which leads to many mistakes.
The good news is that any family can create a successful life plan for their family—and children with special needs. All it takes is a bit of research and help from a life-planning attorney.
Here are some quick do’s and don’ts for life planning to get you started:
Do Protect the Assets
Inheriting money through traditional means can disqualify your child from receiving government assistance. Placing the money in a special needs trust will ensure that your child can continue to receive government benefits while still being able to use the money you have set aside. Instead of the money going directly to the child, it will be only accessible by a trustee or government official; whoever you decide on the paperwork. That person can then purchase items and services that your child may need, such as clothing or medical procedures.
Money in a special needs fund is often from judgement too, which means it will always remain safe and accessible only to the trustee.
Don’t Ignore Special Needs
Although simply arranging paperwork and setting money aside may work for some, it is not ideal for those with special needs children or family members. The process of creating a life plan is very different for those with special needs family members or children because of the many factors involved.
Meet with family members and a lawyer and write down expected costs. Be sure to include any medical costs that may arise, such as dental checkups or annual doctor visits. You should also factor in miscellaneous costs, such as transportation and dietary needs.
Do Make It a Team Effort
The success of a life plan for those with special needs is based largely on support. Be sure to make it a team effort and include anyone that may be needed, such as family members or attorneys. You may also want to include an insurance agent, realtor, or anyone else that your child may need to meet with later on.
Creating a life plan for those with special needs may be difficult, but it is necessary to ensure a happy and healthy life. If you don’t know where to start, consider meeting with a group like Life’s Plan Inc that specializes in special needs trusts and wills.