All parents have certain considerations that must be carefully accounted for when preparing their estate plans. Estate planning, but became more complex and important as the ability of mentally ill or disabled interrupts their children to take care of themselves.
In particular, parents of children with special needs have plans that provide for the financial needs of children without disqualifying them for valuable government benefits. They should also provide a trustee who will manage the assets left to children if the children are not capable of managing their own affairs. You can browse https://www.danalegalhelp.com/location/payson/ for getting more knowledge about estate planning attorneys.
Special needs children and their unique estate planning need present a huge and growing market. The US Census Bureau reported that 10% of the American family has special needs of children with physical disabilities, emotional, or mental. Sixty percent of parents hope that these children will never be financially independent.
This family must bear significant financial charges on behalf of the special needs of their children. These fees, related to housing, basic living necessities, and medical care is likely to persist throughout the child's life. What is perhaps most surprising is that over 60% of parents did not take any steps towards planning for the child's financial future. Many have not even written a will.
The effect of any heritage assets on the child's ability to receive state or federal benefits can be extreme. An individual can really lose eligibility for these and other benefits if he or she leaves a legacy as little as $ 2000 from the death of a parent. Such a result would be a disaster and the total opposite of what was intended when the assets are handed over to family members with disabilities.