Estate planning is an important step to take as a parent for many reasons, and taking just a few hours can bring a lifetime of peace and relief, knowing your daughter’s or son’s benefits are protected and that your family assets will be passed down in the way you intended.
The American Bar Association suggests that parents of a child with special needs are faced with five unique challenges when preparing for and going through the estate planning process: (1) how to provide for all of their loved ones without jeopardizing the eligibility of their child with special needs for government benefits such as Supplemental Security Income (SSI) and Medicaid; (2) how to design an estate plan that supplements the government benefits and enhances the quality of the child’s life; (3) how to treat the other children equitably while providing for the child with special needs; (4) how to make sure sufficient funds are available at a parent’s death to care for the child; and (5) how to provide for the proper supervision, management, and distribution of an inheritance for their child through a third-party created and funded special needs trust (SNT).
Estate planning typically involves creating, at a minimum, a will and testament; a durable power of attorney; a durable medical power of attorney; a revocable living trust; and a SNT.
DSACT members have worked with local attorney Justin Blumoff at Sharpe Blumoff in Austin and Dallas. Mr. Blumoff has been practicing law for 12 years and is Board Certified in Estate Planning and Probate in Texas and has expertise in SNTs.
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