Estate Planning With Your Differently Abled Child In Mind
Taking care of your differently abled child’s financial and physical needs may extend well past their childhood and into adulthood. Because their physical or mental impairments limit their ability to function independently, you may already be the representative payee for your child who is receiving Social Security Disability Income (SSDI). But what will happen to their standard of care when you are no longer here to ensure the best for them?
Sometimes, we take for granted that providing the basics such as shelter, food, medical care, clothing and personal care will always be a high priority to those caring for a person with special needs. However, if you are suddenly incapacitated or die, your loved one’s care could be marginalized. Additionally, if they inherit a lump sum of money from a long lost relative, they could lose their public benefits.
At Riddell Law, PLLC, we will help you explore options, including establishing a plan that includes a special needs trust, to ensure your child will still qualify for public benefits and get quality care throughout their life if they have disabilities, including, but not limited to:
- Cerebral palsy
- Mental retardation
- Auditory processing disorders
If your child is born with disabilities or develops them before the age of 26, you may also be able to open an Achieving A Better Life Experience (ABLE) account.
Meeting Your Child’s Needs
A special needs trust or ABLE investment account will ensure funds are available to meet the full spectrum of their needs and personal support, not just the basics, spanning their lifetime such as:
- Health care
- School expenses
- Transportation arrangements
- Updating medical equipment
- Home renovations for continued accessibility
- Life insurance
- Legal fees
- Burial arrangements
An ABLE account is typically an investment account that does not count as taxable income.
Contact Us To Discuss Your Options With Our Proactive Team
Call Riddell Law, PLLC, at 603-610-1580 or email us to schedule an appointment to learn more about creating a special needs trust or establishing an ABLE account. Let our experience and knowledge help you anticipate the needs of your special loved ones.