The Purpose of Estate Planning
(from the Special Needs Alliance)
Special needs planning works to preserve public benefits for the disabled child while supplementing and enhancing the quality of the child s life. This type of planning is useful for many different purposes, including
lifetime money management for the benefit of the disabled child;
protecting the child s eligibility for public benefits; and
ensuring a pool of funds available for future use in the event public funding should cease or be restricted.
Estate Panning Basics
- Have a family conversation to clarify roles and wishes.
- Engage legal and estate planning professionals.
- Consider creating a trust for special needs beneficiaries for as long as they live.
- Build some flexibility into your plan, as needs may change over time.
- Keep your plan current by reviewing it every 3 to 5 years or when circumstances change.