Tuesday, April 12, 2016

No Need to Omit Special Needs Child from Your Estate Plan

There is absolutely no need to omit a child with special needs from your estate plan. 

Because so many children with special needs are on governmental or charitable programs with asset and/or income limitations, many people believe that they must omit these children in order protect their benefits.  It is true that, if you leave assets directly to a child with special needs who is on governmental or charitable benefits, you will likely disrupt and/or terminate his or her benefits. 

However, with a properly drafted and executed trust, you can leave an inheritance to a special needs child without interrupting his or her entitlement to benefits.  

A trust is a set of instructions, or an agreement, between the person contributing money to the trust (the Grantor) and the person in control of the trust money (the trustee) for the benefit of a beneficiary, and in this case, the special needs child.  The trustee receives the property for the benefit of the special needs child (rather than the special needs child).   The trustee can then make distributions for the benefit of the special needs child without disrupting any governmental or charitable benefits.

A properly drafted special needs trust allows parents of special needs children to provide for their child and safeguard their inheritance.  After all, no one deserves to benefit more from an inheritance than a special needs child!

Durbin & Veglia assists clients with Estate Planning, Wills, Trusts, Special Needs Planning, Asset Protection, Elder Law, Medicaid Planning, Probate & Estate Administration and Real Estate throughout Worcester County and the Metro West Area.

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