Special Needs Planning For Your Children In California
When you have a kid with special needs, you know that you need to prepare for their future. They'll likely face significant hurdles, so planning things out while they're young is the best way you can help them.
This post will discuss the crucial steps to special needs planning, as often handled by our prescreened Anaheim Estate Planning Attorneys in California.
1. Establish Guardianships And Directives
While your child is still a minor, make sure you and anyone caring for them have signed appropriate directives stating who will look for them if you are unable to.
In addition, you should consider obtaining legal paperwork that identifies a guardian for your child. This is especially important because you don't really know what could happen in the future. Choosing a set guardian you can trust in case you won't be able to care for your children (i.e., disability, health problems, death, etc.) is a must.
Your child should have their own set of advance directives naming a trusted agent once they are an adult and have the legal capacity to sign documents.
For a smoother process, consult with an Anaheim Estate Planning Attorney.
2. Use a Special Needs Trust If You Have A Child With Special Needs
The first thing to understand is that special needs trusts come in a variety of forms:
First-Party Trust. This is funded by the special needs person as long as they are under 65. This trust can be established by the child, parent, grandparent, or guardian.
If correctly drafted, it will not affect the beneficiary's eligibility for government assistance.
Third-Party Trust. This allows family members to contribute assets to a trust for the benefit of a person with special needs without putting that person's government benefits eligibility in jeopardy.