Parents of children with disabilities are usually faced with complicated legal and financial issues when they plan for the future. Leaving an inheritance directly to a person who is receiving governmental benefits such as SSI or Medicaid would likely compromise their continued eligibility. You can avoid unintended consequences with careful estate planning that protects the welfare of children with special needs.
Consider having your estate planning attorney draft a Special Needs Trust. This type of trust has many benefits:
One method of guaranteeing there is sufficient money to fund a Special Needs Trust is the purchase of life insurance when the disabled child is young. The death benefit provides a financial legacy for the child’s continued welfare long after the parents are gone.
If you live in Michigan and need experienced estate planning help, contact Michael Einheuser for a free consultation. Michael helps families in Bingham Farms, Troy, Farmington Hills, Rochester Hills, Southfield, West Bloomfield Township, Bloomfield Township, and the surrounding Michigan areas.
Schedule your Free Consultation today: (248) 398-4665.Return from the Special Needs Trust article to the Home page by clicking here.