Planning for the financial future of your child with special needs is legally challenging but of critical importance. The stakes are high, and attempting to understand even the basics can feel overwhelming. The good news is that our experienced Pennsylvania special needs planning attorneys at Kreisher Marshall & Associates, LLC, can help you take the right steps for you and your child. And you can learn from the mistakes that parents navigating special needs estate planning are most likely to make.
One: Proceeding without Professional Legal Counsel
It is difficult to overstate how important it is to have a capable special needs planning lawyer backing you up when it comes to estate planning for a child with special needs. There are wide-ranging legal intricacies involved. And because your child’s future and your own peace of mind are on the line, having savvy legal representation in your corner from the start is always the best approach.
Two: Waiting to Get Started
Yes, estate planning can be daunting, and it can be more so when special needs planning is required. Waiting to get started, however, can backfire. The sooner you discuss your unique circumstances with an accomplished special needs planning attorney, the better prepared you’ll be to implement the plans necessary to continue supporting your child well into their future.
Three: Distributing Your Assets Evenly between Your Children
It is very common for parents to divide their financial legacy evenly between their children, which is a natural inclination. A child with special needs who can’t earn a living and provide for themselves in the future, however, requires significantly more resources.
A better plan is to first address the needs of your child with a disability and then distribute your remaining estate between your other children. This highlights the fact that the most straightforward approach is not always the best approach when it comes to special needs planning.
Four: Leaving Assets Directly to Your Child with Special Needs
Individuals with special needs are often entitled to government benefits like Medicaid and SSI, but they must pass the means test in order to establish eligibility. Leaving money directly to your child can render them ineligible for important benefits. Your resourceful special needs planning attorney will help you explore the planning tools that are right for you, which can include any combination of the following:
- Special needs trust (SNT)
- PA ABLE Account
- Guardianship or Power of Attorney
- Life insurance policies
Reach Out to Our Experienced Pennsylvania Special Needs Planning Lawyers Today
Our reputable Pennsylvania special needs planning attorneys at Kreisher Marshall & Associates, LLC, have a wealth of experience helping valued clients like you create estate plans that effectively address their children’s needs, and we welcome the opportunity to do the same for you. For more information about everything we can do to help, please do not hesitate to reach out by contacting us online or giving our firm a call at 814-458-6294 today.