Guardians or parents of special needs children have many different challenges and special concerns when it comes to estate planning. Some of the most important concerns have to do with what will happen to the adult child after the parents or guardian passes away. Thinking ahead involves careful consideration of the best tool for protecting your loved one’s interests without compromising any of the other benefits that your loved one may rely on. This is why you should consult with an estate planning attorney in Massachusetts as soon as possible about your options to learn more.
Some Tips for Selecting Insurance
There are several different kinds of insurance that can be helpful for individuals planning ahead for a special needs beneficiary. One of the most important aspects of opting to use an insurance policy to fund a special needs trust is ensuring that the appropriate death benefit has been linked to policy.
Protect Government Benefits
Government benefits could be in jeopardy if the special needs beneficiary is named as a person instead of having a trust created for their benefit. Life insurance can be a critical component of funds to be put into a trust for the benefit of a loved one with special needs. Planning ahead for a special needs beneficiary involves important consideration questions about not jeopardizing the beneficiary’s eligibility for government programs. Consulting with a knowledgeable estate planning attorney about your options is the best way to avoid problems.