Just about every parent wants what’s best for their child and would do just about anything to make sure that their child is happy and taken care of for the rest of their life. Though most parents feel this way, the sentiment is most deeply felt by parents who have children with special needs.
In many special needs cases, a child’s disabilities limit their capacity to provide care or financial support to themselves, which leaves aging parents with a difficult question to answer: How will I care for my special needs child after I am gone? The answer is: a supplemental needs trust, also known as a special needs trust.
Supplemental needs trusts are an important and oftentimes necessary long-term care planning tool for children with special needs because they provide financial stability throughout a child’s life. These types of trusts are also specially designed to work with assistance programs so as not to make a child ineligible for benefits, such as those received through the Social Security Administration.
Although supplemental needs trusts are an incredibly beneficial addition to an estate plan, parents of special needs children should be aware of the fact that these types of trusts do require unique attention so as to ensure the protection of their children’s finances through their life.
Additional resources provided by the author
For more information, please contact estate planning attorney Regina Kiperman:
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New York, NY 10038
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