There may be many parents in Louisiana and elsewhere who have children with special needs and wish to take every possible measure to safeguard their futures. While addressing estate planning goals, a parent might have concerns about available strategies might affect his or her child’s eligibility for benefits. It could be helpful to know that certain options, such as a special needs trust, could help a person continue to provide for his or her child without disrupting other avenues of aid.
Special needs trusts
Experts indicate that one of the first things to note is that there are several parties who can create a special needs trust. Whether a parent or grandparent, or even a guardian, those who have a child with special needs could create this type of trust and use it to provide supplemental support to the child. If a child receives government benefits, a person may be able to set the trust up in a way as not to interfere with these benefits.
While experts state that special needs trusts may be a viable option in many scenarios, they also state that there are some alternative paths available. ABLE accounts and pooled trusts are just two more examples of possible options to consider in a similar situation. With a variety of options to consider, those in search of ways to provide for a child with special needs could benefit from seeking guidance prior to choosing a path.
Those who have children with special needs may also have questions about how to include the kids in their estate planning goals without disrupting other avenues of aid. When similar concerns arise, a person in Louisiana could choose to speak with an attorney for advice on all his or her available estate planning options. An attorney can address all a client’s questions and concerns and assist in preparing to create a strategy that best aligns with the needs and interests of his or her children.