Special Needs Trust Lawyer
Every parent has some concern about their child’s future. However, if the child has a mental or physical disability, the worry may be even greater. Our friends at W. B. Moore Law LLC. explain that if you have a child with special needs, it is important to start planning for his or her future as soon as possible. Setting up a special needs trust can give you peace of mind.
Here are some common misconceptions about special needs planning that you shouldn’t believe.
It Is Too Early to Set Up a Special Needs Trust
If you are fairly young and in good health, you might not think it’s necessary to set up a special needs trust right now. You may prefer to wait until you are older. However, life can be very unpredictable. You never know if you will come down with a serious illness or injury in the near future. If the unexpected should happen, you want to ensure that your child will be provided for. If you start special needs planning right now, everyone will be better off.
My Child Won’t Need Government Benefits
One of the main reasons people establish special needs trust is to prevent their disabled child’s government benefits from getting taken away. However, even if you don’t think your child will need public benefits, it’s still a good idea to set up a special needs trust. It has benefits besides protecting assets for eligibility for public benefits. If you set up a special needs trust, you can also prevent other people from taking advantage of your child. You can appoint a trustee, who will make sure that the funds in the trust will be used for your child’s care.
Special Needs Trust Are Only for the Rich
Unfortunately, this belief still exists. Many people still assume that only the wealthy can afford to set up a special needs trust. However, you actually don’t have to be rich at all to establish a special needs trust. It is very important for families with modest incomes to set up this trust for their child. It can ensure that the child’s needs are taken care of after the parents die.
My Child’s Siblings Will Take Care of Him or Her
If you have other children, you might assume that one of them will take care of your disabled child. You may even think about disinheriting your disabled child and leaving your assets to your other child with care instructions. However, this can backfire. Taking care of a disabled person is a responsibility and not everyone is up for the task. Your other children may have other plans for their life and can’t realistically take care of your disabled child. They may not use the funds you give them as you had originally intended.
If you are thinking about setting up a special needs fund, you should schedule a meeting with a Fort Collins, CO special needs trust lawyer. These documents can be quite complex, so it is wise to speak with someone knowledgeable and experienced.