Parents of special children must be particularly careful in their estate planning as you need to plan not just for your future, but sometimes for your child’s entire life as well.
The main objective should be to create an estate plan that ensures your child's care continues far into the future, if anything were to happen to you, that impairs your ability to care for yourself and your child.
Write a will that designates a guardian, who should be clear about responsibilities and expectations. Write a letter with detailed information about your child, including a list of medical and educational providers, long term plans for your child, his or her likes and dislikes are; as much detail as you possibly can.
A will based plan may not be adequate for special needs. if a parent is incapable, any inherited assets will transfer to the child or his or her guardian.
Special Needs Trusts, exist in other jurisdictions. Seek professional advice from a reputable Trustee, to determine what’s best for your own child.
The key message is for you to put plans in place. Planning gives everyone peace of mind: you, your friends, your family, and most importantly your child.
Join us at: “Wills don’t kill: An Estate Planning Seminar.” https://lnkd.in/e_gfKvH
Write a will that designates a guardian, who should be clear about responsibilities and expectations. Write a letter with detailed information about your child, including a list of medical and educational providers, long term plans for your child, his or her likes and dislikes are; as much detail as you possibly can.
A will based plan may not be adequate for special needs. if a parent is incapable, any inherited assets will transfer to the child or his or her guardian.
Special Needs Trusts, exist in other jurisdictions. Seek professional advice from a reputable Trustee, to determine what’s best for your own child.
The key message is for you to put plans in place. Planning gives everyone peace of mind: you, your friends, your family, and most importantly your child.
Join us at: “Wills don’t kill: An Estate Planning Seminar.” https://lnkd.in/e_gfKvH
No comments:
Post a Comment