According to financial advisers, the sooner parents in New York and elsewhere learn about the special needs of their child, the sooner they can start planning to ensure the child’s financial future is protected. Too many parents think this matter can be addressed in their wills. However, they may not realize that inheritance to cover the child’s unique needs might disqualify the child from receiving government grants and benefits.
Parents should study their health insurance to learn the level of medical care coverage the special needs child would have. Knowing what the health insurance would cover can help the parents to plan for coverage of other areas. Also, the child would likely only be covered until age 26, and provision must be made for when the child no longer qualifies for coverage under the insurance of the parents.
Parents can obtain peace of mind by establishing a special needs trust to cover the financial requirements that are not included in government benefits. Such a trust can be set up only to allow the child access to the funds for those requirements. It is also crucial to choose a trustworthy person to be the child’s guardian in the event of the death of the parents.
Dealing with wills and other estate planning could be a daunting prospect, which can be even more overwhelming if provision must be made for a child with special needs. Fortunately, no one in Upstate New York needs to tackle this complicated process without the support and guidance of an experienced estate planning attorney. A lawyer can assess the client’s unique circumstances and explain the options that will allow the client to make informed choices that will secure the financial future of a special needs child.