No one can accurately predict the future, but it is possible to create an estate plan that will provide one with the chance to look at his or her long-term interests with confidence. When navigating the process of creating a comprehensive estate planning strategy that addresses the needs of a special needs loved one, it is beneficial to consider how each decision will work long-term. Maintaining a future perspective is critical to creating a strategy that will provide security in the years ahead.
Planning for the care of a loved one
A special needs child will likely need care long-term, and Texas parents can make plans that allow them to support their kids as they age. A special needs trust is a common way to meet that goal, allowing parents to set aside assets with the goal of providing for certain needs long-term. These types of trusts may also be beneficial for those with long-term medical needs and disabilities.
Careful planning should also consider what steps to take that will not compromise one’s eligibility for certain types of benefits. Special needs individuals and those with disabilities will likely need benefits that include Medicaid and more. Through government benefits and assets left through a trust, it is possible that a special needs or disabled individual will have what he or she needs for the future.
What should be in a plan?
There is no one-size-fits-all approach to estate planning. An assessment of the specific case can help one understand how to develop a plan that will thoughtfully address the potential needs of a disabled or special needs individual in the future. It will be helpful to work with an experienced Texas estate planning attorney at each step of this process.