Through a thoughtful and complete estate plan, you can protect your loved ones in the future, providing peace of mind for both you and your beneficiaries. What you should include in your estate plan will depend on many factors, including the specific objectives that you have for some of your assets.
One of the ways that you can set aside and protect money for a specific reason is through a trust. If you are a parent of a special needs child, you may find that a special needs trust is one of the best ways that you can provide for his or her needs and ensure that your loved one receives needed care, even long after you are gone.
Who needs a special needs trust?
You may be unsure if your situation merits this step, but it could be useful if you are caring for a child with specific needs or a loved one who cannot take care of his or her own financial or physical needs. You can create a trust based on the needs of your loved one and his or her abilities and medical issues. Other things you may not know about special needs trusts include:
- A special needs trust does not mean that a special needs individual will also lose any government benefits he or she is currently receiving.
- You will have the ability to name a family member or other trusted individual to act as the trustee.
- Having a will may not be enough; setting up a trust can help avoid certain problems in the future.
- Special needs trusts can be a vehicle for a person to leave an inheritance for a special needs person without fearing certain penalties.
Caring for a loved one with unique needs can be challenging and costly. You may fear what will happen to your child or your family member when you are no longer around to provide for his or her daily needs, but a special needs trust may establish peace of mind for you.
The estate planning tools that are right for your family
What you should include in your estate plan will depend on your needs, your objectives and any unique matters, such as the care of a loved one with a disability. It is wise to discuss your situation and concerns with a qualified Delaware estate planning attorney who can help you make appropriate and positive decisions that are best for your family.