Parenting is difficult and can be even more so for those with a special needs child.
Availability of resources can be hard to come by for some parents and the quality of programs can greatly vary by state, county, and school district. Not everyone has the same access to resources, and therefore, it can be hard for many parents to receive the best advice, guidance, and assistance.
Parents are stretched emotionally and financially as they try to find the best resources possible to raise and provide for their child.
But an even greater challenge these parents face is what happens to their special needs child when they become an adult, or worse, when you are no longer alive to care for them.
Once a child turns 18 years old, a parent no longer has the authority to make decisions on their child’s behalf, even though they’ve taken care of them their whole lives. In fact, by making decisions on behalf of another adult, even one with special needs, you are unintentionally violating the child’s rights.
So how do you retain legal rights to continue to care for your special needs child? By obtaining a Limited Conservatorship at least a year BEFORE your child turns 18. An attorney such as those at the Soto Law Group can facilitate the process for you so that you may continue to care and advocate for your child into adulthood.
Furthermore, if you want to leave money to a special needs child, you must plan carefully, otherwise, your child could lose their government benefits.
For example, if you leave $10,000 cash in the bank to your special needs child, the child will then disqualify for Supplemental Security Income and Medicaid benefits.
To protect such assets, you’ll want to set up a Special Needs Trust. The funds are then protected in the trust. You will assign a trustee who will oversee the trust and have complete discretion of the disbursement of the funds. Although the funds cannot directly be given to the child, the trustee can make purchases on behalf of the child, such as personal care needs, out-of-pocket medical and dental expenses, education, and recreation. Because your special needs child has no access to or control over the money, government administrators ignore the contents of the trust when determining eligibility for benefits.
There are several types of Special Needs Trusts that you can choose to set up based on your situation and needs. Soto Law Group can help you decide which Trust is best for you. Contact us today to set up a planning session to determine the best strategy for you.