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
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