Estate Planning for Older and Special Needs Children Under Guardianship #3
Adult and Differently-Abled Children Present Unique Care Planning Needs
When 17-year-old Mark was injured in an accident, he required complex medical interventions that led him to depend heavily on parental support into adulthood. Though his parents had identified an aunt to serve as guardian if anything happened, when Mark’s mom died suddenly, there were no plans detailing how care coordination, accessible housing, special equipment costs, and therapeutic needs would be funded long-term.
The following is a dramatization and is not an actual event:
The lack of specific provisioning for Mark’s specialized care under guardianship caused him distress mourning his mom and forced difficult health-related choices no young adult should face. Parents of differently-abled and adult children can prevent such hardship through detailed future planning.
Specialized Estate Planning Tools for Extended Guardianship of Certain Children
Caring for minor children under guardianship has unique considerations from raising adult or differently-abled children who necessitate support for far longer. Ensuring your estate plan provides specialized guidance and funding around ongoing medical, housing, supervision, and other needs can ease the transition for aging and special needs children if you pass prematurely.
Key Planning Actions for Older and Differently-Abled Children
Establish Special Needs Trusts (SNTs) to fund care without impacting state benefits.
Explore ABLE (Achieving a Better Life Experience) accounts for disability saving options.
Consider corporate trustees to assist with complex administration.
Outline specific preferences for health decisions and living arrangements.
Allocate assets for specialized equipment, therapies, medications, etc.
Acknowledging and planning for children with longer dependent timelines or specialized needs can help ensure guardianship transitions are smooth while still meeting each child’s unique circumstances.
Craft a Custom Guardianship Plan Catering to Each Child
Considering guardianship implications in estate planning spans far beyond just naming someone to care for your kids. Truly protecting special needs and adult children unable to fully care for themselves requires surpassing the standard process to put customized contingencies in place.
By consulting specialized help, you can relieve the burdens from guardians and empower these children to feel secure if faced with your premature passing. Thinking through care timelines and funding approaches designed specifically for their needs demonstrates true commitment to their continual wellbeing.
Next Steps
To explore options for specialized estate and guardianship planning catered to the unique situations of differently-abled children and aging dependents needing care into adulthood, connect with an attorney well-versed in exceptions like SNTs, corporate trustees, and care coordination. Safeguarding children with greater needs requires customized solutions.
Frequently Asked Questions
Can I specify preferences for my special needs child’s living situation under guardianship?
Yes, estate documentation can detail your input on housing decisions once your child comes under another caregiver’s guardianship based on their specific needs and best interests.
What options help fund care without impacting government disability benefits?
Special Needs Trusts provide ongoing access to care funding while preventing impairment of needs-based government disability program eligibility throughout adulthood.
How can I ensure complex financial planning is properly managed long-term?
Corporate trustees specialize in administering finances for beneficiaries unable to do so independently – helpful for aging children staying under guardianship into adulthood.
