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Health & Fitness

How to Care for Children with Special Needs Through Estate Planning in Northeast Cobb

For many people in Cobb County, the basics of estate planning are simple enough, but for those families in Northeast Cobb with loved ones who are disabled or have special needs, the estate planning process is more involved – and definitely more critical.

The latest statistics show that five percent of minor children have some sort of disability, and the burden of caring for these children make estate planning essential.  In addition to specialized health care, these children usually need special schooling and intensive therapy, all of which comes at a cost. 

Here are some tips for Northeast Cobb parents facing the need to plan not only for their own financial future, but for that of a special needs child:

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Deal with expectations.  Parents need to think about the kind of life they envision for their child.  Will the child have a shorter life span?  Will he or she be able to work or live independently?  The answers to these questions will form the foundation of your plan.

Determine eligibility for public benefits.  In order to meet eligibility requirements for Medicaid and Social Security Supplemental Income programs, a person with special needs or other disabilities cannot have more than $2,000 in assets.  This makes it imperative that a child who could benefit from these services not have any assets titled in his or her own name – meaning they should not be listed as beneficiaries on life insurance policies, retirement accounts or plans, in trusts, wills or pensions. 

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Consider a special needs trust.  Assets placed in a third-party special needs trust are not counted as assets toward public benefit program eligibility, but these trusts are governed by strict rules so the counsel of your Northeast Cobb special needs planning lawyer in establishing this trust is necessary.  Parents who are unable to fund a special needs trust with cash while they are still alive can do so through life insurance proceeds after they die.

If you would like to have a talk about protecting your family through estate planning, call our office today at 770.425.6060 to schedule a time for us to sit down and talk. Our Georgia Family Legacy Planning Session is a free, in-depth consultation with an attorney who concentrates his practice in estate planning for families with minor children. Call today and mention this Northeast Cobb Patch article. 

Image courtesy of Teerapun at FreeDigitalPhotos.net

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