There are many issues parents who have children with special needs face even with something like estate planning. Mainly the problems are how do you make your child a beneficiary when you die without impacting their public benefits, how do you make sure the funds are managed properly and with someone trustworthy, how do you distribute the estate when you know one child needs more, how do you find a way to ensure any other siblings do not feel burdened with the care of the special needs child when you are gone and how do you find the money that is needed for the rest of their lives. Important here is to talk with a professional in special needs planning in Toms River or elsewhere, to make sure everything is in place as it should be.
Trusts are the answer, not leaving them out of your will
Sometimes parents think the best idea for their estate planning is to leave it to the siblings and then the siblings can use the money to help the one with special needs, while they still get their benefits and other support. There are some problems with this approach though. Benefits can vary and change over time anyway so something might happen to those anyway. Public benefits alone often are not enough anyway and need to be supplemented. Also, this places quite a heavy burden on the siblings to look after their special need sibling and also make sure their own, as well as the sibling's finances, are doing well. Resentment can build too if one sibling spends money when the other is more careful.
A special needs trust could be the solution a lawyer for special needs planning in Palm Beach Gardens can offer. It leaves funds for the person who needs it, leaves someone trusted and qualified to manage those funds and it means the special needs child still gets any benefits current or future that they are eligible for.
What is a trust?
Special needs planning Toms River with a qualified professional can set up a trust. This is where an appointed trustee manages investments, property or money for the beneficiary, the actual owner. Instructions are specific and laid out for the trustee on how the funds can be spent and managed on behalf of the beneficiary. It includes things like when the income can be distributed and so on. Special needs trusts have their own rules and need to be drafted by a professional. The more liberal special needs trust option is the third party type. Where grandparents and parents create a trust to benefit their special needs grandchildren and children.
Find out what lawyers in your area are qualified and experienced in special needs planning in Palm Beach Gardens and talk to some of them about your needs. Because they specialize in your area they are going to be a lot more sensitive to the issues, emotions, and stress involved in special needs planning. It is worth the peace of mind though to pay a fee for professional advice and support.