A special needs trust is a popular strategy for those who want to help someone in need without risking that the person will lose their eligibility for programs that require their income or assets to remain below a certain limit.
It takes a special parent to care for a child with special needs. These parents’ greatest financial concern is typically ensuring that their children are cared for when they can no longer do so.
It is critical that parents and grandparents give careful thought to any gift of money or bequest in an estate plan, when the recipient has special needs.
If you are the parent of a person with special needs, you are well aware that the role you play is very different than it may be for other children. Properly planning to meet their financial needs, both in the immediate and long term, is a critical part of supporting your child. This support must often continue well past the typical age of adulthood, which means parents need to put in place financial tools to care for their children, in the event of the parents’ death.
The cost of a nursing home can quickly erode everything you worked for your whole life, and leave your family with nothing, industry insiders warn.
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