Do you have a family member with special needs? If yes, then leaving your estate without proper planning can mean serious consequences for that loved one.
The Middletown Transcript’s article, “Caring for family member with special needs requires planning,” begins with a child born with a lifelong condition.
The hardest thing is the 24/7 aspect of a job that you love doing. It is important to understand, however, that it’ll wear you out. Parents must find support and breaks for the care, but also must determine what to do when they pass away.
There is usually state agency help or aid from a government program. However, the aid is always at the whim of politicians, so you must plan for the child’s inheritance. That means a type of estate planning to preserve certain benefits for your child and allow any funds you’ve saved for them to supplement their lifestyle.
Another type of special needs is for those family members with substance abuse issues. This type of condition leaves parents knowing that any day could be ‘the’ day. However, similar to special needs from birth, this loved one must be protected from having access to large sums of money.
Over the long term, the issues are similar to a traditional special needs scenario. However, there’s always a chance of a full recovery. That hope often turns to despair, but it doesn’t mean a family wants to stop supporting their loved one.
Another type of special needs are those conditions that are the result of medical conditions that may or may not be terminal, such as a stroke, paralysis, or blindness. These conditions and diseases may be sustained for a long time in a permanently disabled state. When these conditions occur, you need to update your estate plan.
Plan ahead and address your issues now with the help of an experienced estate planning attorney.
Reference: Middletown (DE) Transcript (August 1, 2017) “Caring for family member with special needs requires planning”