Those in Georgia who want to get one step ahead in the game of life and be prepared for anything are likely create an estate plan. This allows them to choose where their assets go, who controls them and who makes medical decisions for them if they are unable to do so themselves. An estate plan may also include specific instructions for parents who have a special needs child who will not be able to care for themselves if they were left on their own.
According to Forbes, a special needs trust can be set up to supplement the child’s care without putting government assistance at risk. A special needs trust can be used to supplement and fund things like travel, medical expenses, pet care, entertainment and any other cost that improves the quality of life of the child once the parents or guardians are no longer around to care for them.
The laws related to estate planning are constantly changing and are extremely complex. FindLaw reminds parents or caregivers that they must consider the cap on assets and income that comes into play once the child needs access to Security Supplemental Income or Medicaid. There are also private and governmental resources available, but they require planning and funding that can be settled with a special needs trust.
Any funds placed in this trust are invested and overseen by a group of trustees, such as independent professionals or a team of family members. These funds are safe from claims made by creditors such as landlords or credit card companies. These third party trusts are also set up so the grantor has the decision making power of any funds that are in the trust if the beneficiary passes away. There are many options when it comes to setting up an estate plan, and those old and young can benefit from getting their affairs in order quickly.