Estate Planning for Parents of Disabled Children

Estate Planning for Parents of Children With Disabilities  By understanding your loved ones needs and investigating legal strategies, you can ensure both their lifelong medical and financial security. Don't just plan for today- secure your child's tomorrow with comprehensive estate planning.  Assess Your Loved Ones Needs Your child's medical and financial needs should be made into a care plan, which is also known as a letter of intent. Medical needs should include current and long-term medical information. You should consider including the following information in the letter: your child's everyday routine, future surgeries/medical equipment, list of medical providers and medical history, allergies, medications, significant family history, Medicare information and insurance policy numbers.  Take Note: A special needs trust, also known as a supplement needs trust, is a legal arrangement designed to help individuals with disabilities maintain their eligibility for government benefits while also providing them with additional financial support.  Exploring your legal options If you want to avoid the possibility of being unable to handle financial or personal affairs, you can explore legal options to offer your child more protection. Guardianship or conservatorship is an option where a court appoints an individual to act on behalf of the incapacitated person. A power of attorney (POA) is a document that allows someone else to act on your child's behalf. You would choose someone to be an agent, and this person would act as your child's caregiver and make important decisions.  The impact of government benefits Supplemental Security Income (SSI) is a helpful program that provides a monthly stipend to individuals who have limited income and resources. Medicaid is a helpful program that provides health coverage to individuals who meet certain criteria. Section 8 Housing is a rental assistance program that is funded by the federal government and administered locally. If you structure your estate plan accordingly., government benefits should not be affected.