A special needs plan is one that sets your dependent up for success in the future, even if you cannot be there. It isn’t just about setting up a trust to protect their assets or the assets you’d like to pass on to them. It’s also about making sure they have the right guardianship support and access to the government benefits they need to support themselves.
If you are raising a child with special needs, it’s never too early to start thinking about your child’s future. Some of the services you may want to get more information about include:
- How to help your child qualify for government benefits as their wealth grows
- How to set up coordination for special needs issues, like working with personal injury attorneys if your child suffers a serious injury
- Learning how to prepare third-party special needs trusts
- Learning how to set up self-settled special needs trusts and when they’re a better option than third-party trusts
- Figuring out who should assist a special needs trustee and when
Once you’re gone, you won’t be able to step in if something goes wrong. That’s why it’s essential to have a framework in place that protects your child and their needs as they get older. Even once they’re an adult, they may still need a selection of people, like attorneys, medical providers, guardians and others, to watch over them.
Our website has more information on special needs trusts and setting up a special needs plan. With the right plan in place, you can rest easy that your child will always be cared for, even if you’re unable to be there for them.