Estate planning is particularly important when you have a child with special needs because it offers an additional layer of security for your child. Special needs preparation will provide you with peace of mind and optimism in your child’s or other family member’s future. Families sometimes put off preparation because it seems to be daunting and confusing. It is, however, not as complicated as you would think, and it is the only way to ensure that your special-needs child receives the best treatment when you are no longer able to afford it. Special Needs Planning Attorney near me is an excellent resource for this.
A Letter of Intent, also known as a Special Letter of Instruction, is a crucial part of any special needs plan. It serves as a road map for those interested in your child’s treatment in the future. The Letter of Intent is a working document that allows your special child’s future caregiver to carry out your wishes and manage his or her needs. A special needs proposal must also include a final will and testament. Your last will and testament includes provisions for the management of assets left to your special needs child, including a special needs trust. State legislation will decide how your properties are divided if you die without a will. By writing a will, you can specify how you want your assets to be divided as well as who you want to name as your child’s or children’s guardian.
A special needs trust is a popular method used in special needs planning. The aim of a special needs trust is to safeguard inherited assets so that the beneficiary can continue to receive government benefits based on his or her needs. A direct delivery to a special needs recipient could result in the loss of benefits, which could be disastrous. A special needs trust will give you peace of mind by ensuring that your loved one receives all of the benefits to which they are entitled while maintaining a higher quality of life.