How to Protect Assets for a Special Needs Child

10:40 pm Asset Protection, Estate Planning

special needs trust 150x150 How to Protect Assets for a Special Needs ChildCalifornia Asset Protection Tips for Parents of Special Needs Children

Millions of American families include a special needs child, and there is probably no greater concern that parents of these children have than how to take care of them after you are no longer around to do so.  Here are some recommendations on establishing a plan for special needs children:

Create your own estate plan.  One of the best things you can do to take care of the future needs of a special needs child is to plan, and that means making a plan for yourself first.  Your plan should include a will as well as an advance medical directive and the appropriate powers of attorney to handle things in case you become incapacitated.  You can also include a letter of intent that spells out all the information you would want a court or trustee to have about your special needs.  Be sure to include medical history, your choice of a guardian and your preference for your child’s care and living arrangements after you’re gone.

Create a Special Needs Trust – this trust allows parents or grandparents to earmark funds for the care of a special needs child without disqualifying him or her from government benefits.  Be sure your will is written in a way that leaves assets for your special needs child to the Special Needs Trust you have created, and not to the child directly.

Legal guardianship – once your special needs child becomes an adult, you will need to file for legal guardianship.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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