Estate Planning Can Protect Disabled Dependents
Sometimes, it can be difficult to plan for the future of a child of with disabilities. After all, your focus may be on immediate medical or developmental concerns. Financial planning and legal details may seem too complex to address now. However, it is never too early to start planning for the welfare of your child. With proper planning, you can make use of government benefits and ensure that your child will always be taken care of, even after your death.
Common Mistakes When Planning For The Future Of A Child With Special Needs
When planning for children with disabilities, sometimes the best place to start your education is to learn what not to do. Some of the most common mistakes parents can make regarding their children with disabilities include:
- Assuming your child won’t qualify for government benefits due to your income
- Risking Medicaid eligibility by not properly transferring money to your child
- Risking Medicaid eligibility by not properly establishing a trust for your child
- Bequeathing money to another family member to use for caring for your child instead of creating a special needs trust
- Not predesignating a guardian for when you are no longer able to take care of your child
- Not predesignating a conservator to manage the financial affairs of your child when you are no longer able to do so yourself
- Not establishing a long-term plan to ensure that government benefits are never jeopardized
So what are the correct steps to take when planning for a child with a disability? There is no single right answer. The best options will differ depending on your financial resources, your goals and the specific needs of your child.
When you work with The Elder & Disability Advocacy Firm of Christine A. Alsop, LLC, we will create a personalized plan based on your unique circumstances. We can educate you on government benefits and how to maintain eligibility for your child now and into the future. We may also discuss the benefits of a special needs trust and how it may help protect government benefits.
Contact Our Disability Advocacy Lawyers In St. Louis, Missouri
Regardless of the issues you face, we are here to help you find a solution. Our lawyers are committed to disability advocacy and ensuring that every child has the resources he or she needs to live a full and healthy life. Contact our disability planning attorneys to discuss your specific concerns: Send us an email, or call us at 314-644-3200.
In the maze of confusion, there is a solution.
