Shields and Boris Blog on Elder Care, Health Care, and Caring in General

IMPORTANT REPORT EVERY SPECIAL NEEDS FAMILY MUST KNOW ABOUT ESTATE PLANNING

Beginning today, we are running a 12 part feature on facts every special needs family MUST know regarding their long term planning. 

You are Your Child’s Biggest and Most Important Advocate
 
               1. You know your child better than anyone else because you have always been there observing and interacting with them.   You know best how they have grown and dealt with challenges;  their complete medical history; how they react to the activities and routine of the day, what brings on a smile, a giggle or a tear; things they like or dislike and consequently what causes them frustration or brings on temper tantrums, and their particular special needs and special interests.

               2. You have the most invested in their future.  You want as normal a life as possible for your children.  You want them to become as self-sufficient as possible, but at the same time understand that your involvement at some levels may be life-long.  You need to be well-informed about the best ways for helping them maximize their potential.

               3. You are the one constant in your child’s life.  Settings will change as your child progresses through school and life, personnel will be different, but you, as parents, will be there guiding them through it all.

 
Click here for the first of 12 installments.

Planning for your autistic child’s future can bring peace of mind

Planning for the future takes on special meaning when parents are caring for an autistic child.  And these days, more and more parents are doing just that.  According to the CDC 1 in 150 children are being diagnosed with autism in the United States, and 1 in 94 are boys.

 

This April was Autism Awareness Month, a great time to focus on the importance of using estate planning tools to prepare for an autistic child’s future.  While some autistic children will grow up and be able to care for themselves as a part of mainstream society, many will not.

 

According to a poll conducted last year, nearly three-quarters of parents with autistic children worry that their children will not have enough financial support once the parents pass away.  Compounding these worries is the fact that caring for an autistic child can drain a family’s financial resources, making it difficult to save for the future.

 

An experienced estate planning attorney can work with you to ensure that the assets you do have are protected and that your child’s future is secure.  Not only will your child be provided for, but your assets can be managed in such a way that your child does not become ineligible for government aid.

Five estate planning mistakes made by parents with special needs children

Parents of special needs children are often so busy that they may neglect to attend to important estate planning matters.  Unfortunately, many special needs children are left without a plan for care in place when their parents pass away – or they are left with a plan that leaves them unable to apply for the government aid they desperately need.

 

If you are the parent of a special needs child, ask yourself if you are making one of these common mistakes:

1. No special needs trust or any other kind of plan in place to provide care for your child after you die
2. You don’t have a life insurance policy, or you don’t have one that will provide adequately for your child
3. You have a life insurance policy but don’t know that you can take advantage of accumulated cash value in a permanent policy to pay for your child’s care
4. You’ve named your child as your beneficiary, potentially disqualifying your child for government aid
5. You’ve left your entire estate to your child, again potentially disqualifying your child for aid

 

You can read more about special needs trusts in our law library article “Secure your child’s future with a special needs trust” and our blog post “Could you benefit from a Special Needs Trust?”  If you would like to discuss your own situation with an estate planning attorney, please contact the Pennsylvania law offices of Shields and Boris.

Could you benefit from a Special Needs Trust?

If you are caring for a loved one with special needs, you may have heard of Special Needs Trusts.  Special Needs Trusts are different from regular Trusts in that they are set up specifically to hold assets for disabled, chronically ill, or special needs individuals under the age of 65.

 

If you are the parent, family member, or caregiver of a person with special needs, here are some reasons you should consider setting up a Special Needs Trust:

• Assets held in a Special Needs Trust are not countable towards the individual’s eligibility for government benefits.  While the individual may not need government benefits now, they may in the future and it is best to ensure that assets will not stand in the way of getting them the help they need.
• Funds in a Special Needs Trust are not subject to creditors or seizure.  This means that the assets are protected if the individual is sued for any reason, as they would not be subject to a judgment.
• Setting up a Special Needs Trust ensures that the funds will only be used to care for the individual for whom the Trust is set up.  You don’t have to worry about another family member or friend compromising the assets and leaving your loved one without the means to care for themselves.

 

These are just a few reasons why you should consider setting up a Special Needs Trust for your loved one.  To learn more about these Trusts and other estate planning issues for special needs children and adults, please contact the elder law offices of Shields and Boris.