While estate planning for you and your family is always important, it can be especially critical if you have children and/or if you have a child with special needs. Depending on your child’s needs, as well as your wishes for the future, there can be a few different estate planning options to protect a child with special needs, providing him with essential financial support after you pass away.
In this blog series, we will take a closer look at what you need to know about estate planning for your special needs child. If you are ready to start putting some plans in place now or you need assistance altering an existing estate plan, don’t hesitate to contact the trusted and experienced Denver estate planning lawyers at Phillips & Blow, P.C. We are skilled at helping our clients devise the best estate planning solutions for them and their families.
Estate Planning for Your Special Needs Child: The Challenges
Estate planning for your special needs child is important to ensure he has the financial support he may need in the future. Here’s what you should know about estate planning for your special needs child.
The American Bar Association notes five potential challenges for estate planning for your special needs challenges. Generally, these include:
Providing for all of your loved ones without impacting your special need child’s eligibility for government benefits (like, for instance, Medicaid and/or SSI benefits)
Devising an estate plan that supplements government benefits for your special needs child while enhancing this child’s quality of life
Providing for the special needs child while also treating other children you may have fairly and equitably (in terms of financially providing from them as well after you pass)
Providing sufficient funds upon your passing to care for special needs children
Providing the appropriate management, supervision and distribution of the inheritance for special needs children through third-party trusts, such as special needs trusts.
Typically, the last two of the above-mentioned items tend to present the most difficult challenges when estate planning for your special needs child. However, by working with an experienced estate planning attorney, effectively overcoming these challenges is possible.
For some more important info to know about estate planning for your special needs child, be sure to check out the second and third parts of this blog series that will be published soon!
Contact your Denver Estate Planning Attorneys at Phillips & Blow, PC about a special needs child.
Do you need help with estate planning for your special needs child? If so, you can turn to the estate planning lawyers at Phillips & Blow, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood and Centennial.