bdeppman@middlaw.com
ldeppman@middlaw.com
802-388-6337
2 Park Street
Middlebury, Vermont, 05753
As parents, our commitment to safeguarding and supporting our children knows no bounds. This dedication holds especially true when it comes to children with special needs. Ensuring their well-being and financial security stands as a primary concern for every loving parent. And when it comes to securing their future, comprehensive estate planning emerges as an invaluable tool.
Families with children who have special needs often face a unique set of challenges. These challenges can include medical expenses, therapy costs, and the need for ongoing care and support. It's crucial to recognize that your child's eligibility for government assistance programs may be impacted by any inheritance or assets they receive.
One of the most valuable tools in estate planning for parents of children with special needs is the Special Needs Trust (SNT). A Special Needs Trust is designed to provide for the needs of the child while preserving their eligibility for government benefits like Medicaid and Supplemental Security Income (SSI).
Selecting a trustee is a critical decision. The trustee will manage the trust and make decisions about disbursements. Many families opt for professional trustees, such as financial institutions or experienced law firms like Deppman Law, to ensure that the trust is managed correctly and in compliance with the law.
In addition to a Special Needs Trust, parents can create a Letter of Intent. This is a document that provides detailed instructions to the child's caregivers and trustees about their daily routines, preferences, and other important information. While not a legally binding document, it serves as a valuable resource for those who will be caring for your child in your absence.
Estate planning is not a one-time event; it's an ongoing process. As your child's needs evolve and your financial situation changes, it's crucial to review and update your estate plan to ensure it remains relevant and effective.
Navigating the intricacies of estate planning for parents of children with special needs can be a daunting task. Deppman Law is here to help you every step of the way. Our experienced attorneys understand the unique challenges families face and we are dedicated to creating comprehensive estate plans that address your child's specific needs. Contact us today for a consultation and take the first step in securing your child's future. Your child deserves the best, and we are here to make that a reality.