Whether Guardianships or Trusts, Special Needs Children Require Comprehensive Estate Planning in New York
The Times Herald recently published an article on caring for a child with special needs after your death.
Parents or guardians of special-needs children, or adult children living at home, need to plan for the eventuality of the child's care after their passing. A New York City probate lawyer or guardianship attorney can assist you by outlining the various options. Among the variables and factors for consideration are the size of the estate left behind and the person's needs.
An Article 81 Guardianship can permit you or someone else to care for an adult with special needs and empower you to make the decisions necessary to assist with day-to-day life, including medical and health care needs.
Estate planning becomes particularly important, both to make sure that available assets are left to care for a loved one with special needs and to make sure the appropriate safeguards are in place for the management of those funds for the best interest of the child.
In many cases, you must also concern yourself with not making a person with special needs ineligible for federal medical care and other benefits. Failure to establish a Special Needs Trust or other vehicle for life insurance proceeds and other inheritance can have devastating consequences. A Special Needs Trust is a legal entity, which can manage and disburse money to a child with disabilities, without making the child ineligible for federal benefits, such as Medicaid.