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Estate planning for special needs children must be long term

Almost all parents love their children and want what’s best for them; this includes their hopes and wishes for a long and happy, successful life. However, for parents of children with special needs, including those in Hudson County, just wishing for the safety and protection of their children may be all for which they have to hope.

Life is not easy for parents of children with special needs. They not only have to worry about their own long-term planning, but they have to plan for their children as well. Parents of special needs children have to make sure their children will have enough money to cover all their expenses as long as they live. This is no easy task. The government does offer some assistance for basic needs, but if a person’s child has a need for special care or treatments the government may not cover these.

If one’s child does fall into this category then a parent may want to consider a special needs trust, which can be funded by a relative’s life or estate insurance policy. These trusts can ensure that a child will receive the long-term care that he or she needs, which the government doesn’t cover. If parents plan ahead for both the short and long term, then they can have the peace of mind that their special needs children will be taken care of.

It’s not easy for most parents to consider life for their special needs child after they (the parents) die, however it is a reality that many of them will have to face. Taking the time now to properly prepare for the future is probably a smart choice. Speaking with an estate-planning attorney can be very helpful.

Source: Claiborne Progress, “Parents of special needs child must plan financially for two generations.” Gena Bigler, June 18, 2013.

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