The procedure of preparing an estate for kids with special needs is complicated. It is not easy to accurately calculate the money required for the survival and caretaking of children when the parents are there and in the event of their death. Special needs trust is helpful for people with disabilities to ensure that their interests are protected and that they also get public benefits provided by the state. Consult Loughlin Law P.A to get assistance with your special needs trust and eliminate mistakes!
The funds in special needs trust helps protect disabled children and protect them from people who may try to exploit them. Trustees are designated to manage the assets and distribute the funds to children with special needs so that their lifestyle can be supported along with the benefits provided by the state.
Children with special needs have various types of expenses, and the total cost of supporting their lifestyle is dependent upon their requirements and abilities of the child. People often overlook the expenses of housing. The child may require a house with special accommodations to support their special needs. Other than that, expenses for computers and phones will also be included. After the parents are no longer alive, the budget will also be increased.
The public benefit helps in the payment of various kinds of expenses for children with special needs. The child may be allowed to seek housing vouchers from section 8, SNAP food assistance, and supplemental security income. After the retirement of their parents, SSI is exchanged with Social Security disability insurance which is about half of the payment provided to parents. After the death of the parents, the payment becomes 3/4. Depending upon the housing scenario, the child will be provided with foster care.
Seeking professional help
Often, the child also gets employed and starts generating income. It is necessary to analyze the potential expenses of caring for a child with special needs so that the parents can save appropriately and make alterations in their estate planning. The laws about estate planning differ with states. Therefore it is necessary to consult a local estate planning attorney specializing in handling cases involving children with special needs. They provide assistance regarding your case scenario so that you can choose the best options available. The expertise of professional liars facilitates the process of decision-making and planning for the future of your children.