Having children with a disability means that you have to take extra steps to plan and prepare for their future. When a parent cannot take care of their child any longer due to death or disability, it is vital to have a plan in place to ensure the child's needs are met. Here are five pointers to consider when planning for your disabled child's future.

Purchase Adequate Life Insurance

When you pass on, your duties as a parent may have to transfer to someone else like another relative. In this case, your family must pay for the services that you previously provided. If your estate is not large enough to cover these costs, you should find another option to help finance your child's care. Life insurance proceeds can make up for the difference your estate won't cover and can help pay for adequate care. Consider purchasing an affordable life insurance policy that can help your child's future.

Set Up a Trust

You should place any funds left for your child's care into a trust for safekeeping. Giving money to a disabled child presents various potential problems in the future. Leaving money to a disabled individual can jeopardize their public benefits and bring unwanted attention to their financial gain. Setting up a properly drafted trust is the best way to protect benefits and help ensure that the money truly goes toward your child's unique needs and well-being. 

Create a Will and Nominate a Guardian

Appointing a guardian and creating a will is extremely important for parents of special needs children. It's essential to consider who is willing to take care of your child after you are gone and naminate them as their guardian. Promptly deciding who to elect and outlining it in your will can help ensure that your child receives the appropriate care he or she needs.

Write Down the Care Plan

A child with special needs requires a specific type of care that perhaps only you are familiar with. It's wise to write down the care plan for your child and include anything the next caregiver should know about your child and your wishes for his or her future. Your attorney can hold the document in your files alongside your estate plan.

Coordinate With Family Members

Other family members that plan on leaving money to your child should be made aware of the trusts you have in place. Doing so removes any complications that could arise when they leave your child their assets. Once they know about the existing trust, they can direct anything they'd like to leave into the trust.

If you have a child with a disability and want to set up a plan for them, contact Heritage Law Office. Our attorneys have years of experience creating plans for families of children with special needs. Let us help you take care of your children. Call us at (414) 253-8500 to schedule an appointment.

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