Parents With A Special Needs Child
A family with a son or daughter that is dealing with autism, Down syndrome, Asperger Syndrome, or other special needs faces an enormous challenge for the care and support of the child. Proper care can be both expensive and time consuming. So what happens to the child, when you, the parent, passes away or becomes incapacitated?
Who Will Care For Your Child After You Are Gone?
Let’s face it. You and I will become disabled some time in our lives-whether it’s the last ten minutes or the last ten years. When that happens to you, who will care for your child then? What’s more, chances are your child will continue to live for some time after you have passed away. Who will care for your child then?
How can you be sure that the person who takes charge of your special needs child understands your son’s or daughter’s unique needs and abilities?
How can you be sure that your child will continue to enjoy the quality of life that you want for him or her?
How can you provide for your child’s future rather than leaving it up to a court or social worker to make those important decisions?
How can you be sure that your child’s share of the family assets will not be wasted by the child’s perhaps immature choices or stolen by a dishonest caretaker?
Will the assets you pass on to your child cause him or her to be disqualified for social security or other public benefits to which the child may otherwise be entitled?
Enter The Special Needs Trust
The answer to these questions is a difficult one, and often, the best response is a Special Needs Trust.
A Special Needs Trust allows you to choose a trusted family member or other person to manage the funds you leave for your child. The Trust can provide for the unique needs that your child has throughout the rest of his or her life.
Your child probably does not have the experience and perhaps never will have the maturity to make wise decisions for himself or herself. A Special Needs Trust can create a team that will protect the child and direct those important financial and life decisions.
It’s true that a Special Needs Trust is not a perfect fit for every family. That’s why it’s important that you take the time now, while you and your spouse are able to evaluate the different options and put them into place to protect your family down the road.
An Attorney You Can Trust
Bill Peterson is a Minnesota Estate Planning Attorney with over 40 years of experience as a lawyer. He can help you plan for the future by creating a Minnesota Estate Plan. For more information, please visit http://www.mnestateplan.com or call toll free at 952-641-7312.
The contents of this article are for information only and is not to be interpreted as legal advice. For personal legal advice you should consult with an attorney who is experienced in probate law or estate planning.