If you have a child who is dependent upon you and will need financial support upon your death, then you need an estate plan. Having a plan in place will provide you with peace of mind that your child will be taken care of and his/her financial future will be secure.
It's important to discuss your specific situation with an attorney. For example, did you know a person with special needs could be disqualified from receiving government assistance if he/she receives an inheritance or gift? To continue to receive federal aid, he/she cannot hold assets that exceed a certain threshold, sometimes as low as $2,000.*
An attorney can help you establish a special needs trust, which can help you provide for your dependent child while preserving your ability to receive state and federal assistance. You can fund a trust with assets from your estate as well as with life insurance proceeds.
Here are a few helpful tips to consider as you manage your finances today while securing a future for your child tomorrow.
- Discuss your specific situation with an attorney.
- Determine the future needs of your dependent child.
- Have a will. Review it regularly. It is important to keep it up to date to provide for your child's changing needs. If you do not have a will, now is the time to put one in place.
- Explore a special needs trust.
- Review your beneficiaries.
- Record your wishes.
- Seek additional resources and support.
*Social Security Administration Publication 05-11000, January 2015
Your financial representative
Meet a Modern Woodmen representative in your community and begin to explore how shared values can work for you.
Find a rep near you
Need help finding a representative?
If you’re unable to find a Modern Woodmen representative in your community, we’d like to help.Contact the home office
Additional products and services
Talk to a representative to see what's best for you.
Permanent life insurance
Permanent life insurance provides protection for your entire life and can build cash value over time. Premiums remain level throughout your lifetime and can even be paid up within a specific time period. You can enjoy permanent protection for life without a permanent payment.Learn more
Chapter activities in communities across the nation provide opportunities for members of all ages to volunteer, socialize and learn. Chapters also raise funds for local causes.