Unexpected costs begin to accumulate when things that a family member has done naturally, and thus taken for granted, can no longer be provided for free. Some examples of these services are companionship and social interaction, financial planning, coaching and general life guidance, and personal care.
Early, comprehensive planning plays a critical role in securing a comfortable and fulfilling future for an individual with special needs. This article will discuss the key factors to consider when developing an overall strategy for the future of your loved one.
Planning for care.
Where is your child or sibling going to live? Will they be able to move in with another family member, or is a group home the best option? Who will make the decision, and once the decision has been made, who will assure they are being well cared for? Parents know best what their child needs, and can make a list of their likes, dislikes and fears to pass on to those who will be providing care. Parents and family members must also begin answering these questions as soon as possible so that secure living and support arrangements are in place.
Providing a guardian.
Do not take anything for granted when choosing a guardian to care for your family member. Laws concerning guardianship are strict, and failure to properly outline your preference for guardians and successor guardians could result in your loved one being forced into the custody of the state. Proper guardianship planning should involve naming more than one guardian so that there is a clear line of care for your loved one should something happen to you or another caregiver.
Establishing a trust.
All parents caring for loved ones with special needs want to provide as much financial assistance for their children as they possibly can. However, it is important to be careful when choosing how to give money or other gifts both to insure that it is managed properly and because receiving the funds can lead to the loss of public benefits, such as Supplemental Security Income (SSI) and Medicaid. Most government benefits programs, including Medicaid, have strict financial eligibility rules, and loss of access to these programs can also cut the beneficiary off from vital community support services.
Setting up a supplemental needs trusts allows a beneficiary to receive gifts and money, including lawsuit settlements, and not lose eligibility for government programs. An attorney can draft a trust so that the funds will not be considered to belong to the beneficiary, thus leaving them eligible for public benefits.
Life Insurance
Life insurance can be purchased and set up so that the benefits fund your loved one's supplemental needs trust. Since it is difficult to anticipate all the costs of future care, the more resources available, the better the outcome will be in terms of support and assistance. If both parents are alive, the cost of insurance that is payable only when the second of the two parents passes away may be surprisingly low.
With proper advice and planning, your loved one with special needs can be well cared for after you are no longer able to provide for them. This article has provided a brief overview of some of the most important issues that need to be considered. Consult with an attorney to ensure that you have covered all of the details and created the best possible comprehensive plan for care.
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