HOW CAN I PLAN FOR THE CARE OF MY SPECIAL NEEDS CHILD AFTER MY DEATH?
If you have a child with special needs, you worry about what will happen to that child after you are gone. Who will care for him or her, and if the child receives any government benefits, how can I leave money to him or her without jeopardizing those benefits? With no planning in place, all those questions would just be left to chance. Furthermore, if your child inherited any money, causing them to have a worth of over $2000, they would lose their government benefits. They would then have to pay for all their care until all the money was gone and then reapply for benefits. But with proper planning, you can create what is known as a Special Needs Trust. A Special Needs Trust lets you be very specific about who will look after your special needs child and what specifically needs to be done for their care. Additionally, a Special Needs Trust enables you to leave money to your special needs child without jeopardizing any benefits that child receives. To learn more about the nuances of a Special Needs Trust, please contact Duvel Law, APC., for more information as it relates to your specific situation.