Special Needs Estate Planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care for children – both now and in the future.
There are several types of trusts to assist with these special planning challenges. The most common types are Support Trusts and Special Needs Trusts.
There are two types of Special Needs Trusts:
Special Needs Trusts are a critical component of your estate planning if you have loved ones with disabilities for whom you wish to provide after your passing. Generally, Special Needs Trusts are either stand-alone trusts funded with separate assets (like life insurance) or they can be sub-trusts in existing living trusts.
Planning for your loved one requires extensive research to become a well-educated advocate. You will want to keep up-to-date on the latest medical, educational, financial, and legal changes. Galbraith provides assistance to you and your family in addressing your unique concerns. We hope this Special Resource Center provides you with a quick reference to find the additional resources you may need.
This calculator can help you project the future expenses of an individual with special needs.