Planning the longterm care of a vulnerable family member or child with a disability is crucial for every family. Key considerations such as longterm financial security and wellbeing of your loved one must be clearly outlined in a plan. A comprehensive Estate Plan is the only way to ensure all your wishes are carried out accordingly.
Costs to maintain a good quality of life is dependent on longterm cashflow projections. Financial challenges need to be appropriately addressed when structuring an Estate Plan for a child with special needs. Unless a comprehensive Estate Plan is in place to mitigate risks in longterm care, there could be costly consequences for a special needs child. This could significantly impact their lifestyle and wellbeing once parents are deceased or become incapacitated and can no longer take care of their child.
Putting together an appropriate Estate Plan is a specialists area where only experienced estate planning lawyers should be considered. They can ensure provisions are made for any leftover funds or capital protected trust are in place after the special needs beneficiary has died. A proper Estate Plan can also make sure the trustee you have nominated understands the rules that apply to special needs trusts, often a very complex set of rules to navigate.
A common assumption by parents with special needs children is that their independent children will use their own assets or inheritances to provide care for their special needs sibling. This is a very risky strategy to adopt especially in the longterm when financial assistance may no longer be available to help support their special needs sibling. In addition there is a risk the supporting sibling dies or becomes incapacitated themselves, no longer able to provide the vital care for their special needs sibling. A comprehensive Estate Plan will ensure there is no ambiguity when it comes to taking care of special needs children.
Once an Estate Plan covering the special needs child is in place , it is important that an annual review is undertaken and any modifications made to keep up with any of your changing circumstances or life events. An Estate Planning lawyer specialised in estate plans for families with special needs children should be an essential part of your longterm care plan for vulnerable family members.
Leaving nothing to chance by having a comprehensive Estate Plan will ensure all wishes for any special needs children or family members are carried out long after you're not there to care for them.
When planning care of a vulnerable family member or child with a disability, longterm care is an important consideration. A comprehensive Estate Plan will ensure care for your loved one will be carried out in accordance with your instructions.
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