Met Life has a special division, Met DESK (Division of Estate Planning for Special Kids) dedicated to helping parents plan for their special needs kids. Snoopy is not the only thing that is kid friendly at Met.
Visit Met's website for some valuable information on estate planning for your special needs child.
Having a Special Needs Child brings many financial demands. Many parents pay out of their pocket for special schools, food, medicine, therapies, etc. In an article from the Leimberg Newsletter for estate planning professionals comes this:
As the number of children diagnosed with autism, asperger's syndrome, and other neurological disorders skyrockets, parents and their advisers need to carefully understand and plan for their children (and grandchildren's) medical care and capitalize on tax and other available benefits.
If you are the parent of a special needs child, you should consider the tax breaks available for the money you are spending. And, you should especially consider the estate planning benefits and pitfalls.
If you would like more information about special needs planning, feel free to contact me. As the parent of a special needs child, I understand the unique challenges. I want to help others because I know how overwhelming it can be. I also know how parents of special needs children are hungry for more information. I would like to satisfy some of that hunger.
The above quote came from Steve Leimberg's Estate Planning Newsletter # 1183 (October 4, 2007) at http://www.leimbergservices.com. It is part of an important series for special needs planning.
Planning for children with special needs is a challenge for parents. I know first hand that just surviving is almost too much. On the other hand, I know how strong these parents are. They do more than humanly possible at times.
However, an article states that parents do not do enough legal planning. The article in the Mikwuakee Business Journal states:
Most parents want to save money for education or leave something for their children in their wills. But local financial planners and lawyers say failing to plan properly can jeopardize the special needs dependent's eligibility for government benefits, like Medicaid and Social Security Disability Income.
Planners and lawyers recommend setting up a special needs or supplemental trust for the child.
As a parent I know how hard it is. But as an estate planning lawyer I know how very important it is.
When my daughter was about eight months old, my wife felt something was wrong. By that time, my daughter was already being treated for bilateral club feet. I said she was just being overly worried, but I agreed go with her to the appointment. (Denial?)
I remember that first appointment when the pediatrician said that she wanted a second opinion. We were in for a ride. The doctor rattled off a list of specialists for us to see. Plastic surgeon, neurologist, geneticist.....
Whew, it is now nine years later. Thank goodness for skilled physicians, therapists, special schools, excellent teachers, etc. My daughter is doing great and her future looks good.
And, I know what she needs from my estate planning.
It is my experience that parents with Special Needs children, whether autism, downs syndrome, or other disabilities have extraordinary ability to care for their children. They accomplish heroic feats to care for and raise their children. This extraordinary care extends through adulthood as well.
With everything these parents deal with, the condition of their child also requires special estate planning. You see, these children once into adulthood are often dependent on assistance from our state and federal governments because they cannot care for themselves. This is true here in Arizona.
Because these children and adults are dependent on government assistance, they cannot have any significant property of their own. If they did, they would need a conservator or trustee to manage it. When they have property of their own, they are disqualified from assistance until their property is spent.
Consequently, parents of special needs children and adults should not leave any money directly to their children. Rather, they should leave it to a special needs trust for the benefit of their child. This special needs trust can then spend money on their children to improve the quality of their lives.
The special needs trust for a child or grandchild can be used for vacations, special medical equiptment, therapies, televisions, DVDs, computers, etc. These are things that government assistance will not cover.
The lesson is this. If you have a special needs child who will require assistance for their lives, or may require assistance, then you absolutely need a special needs trust in Arizona. How do you form a special needs trust? The answer is find a qualified attorney who has the skills and education necessary to draft it. This attorney should focus on estate planning.
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