You may not have realized that Special Needs Planning is something need to consider for your family. However, you are probably like many of our clients who desire to bulletproof their children’s inheritance from creditors and predators. A catastrophic illness can wipe out a child’s inheritance overnight. If your child has or should develop needs in the future (such as mental or physical disabilities), you MUST plan ahead.
You should create a Supplemental Needs Trust, sometimes called a Special Needs Trust, as an asset-protection strategy. This strategy ensures that government-benefit eligibility is preserved while at the same time allowing a child’s inheritance to increase their quality of life by meeting their supplemental needs. You can implement it now or have it added to your current estate planning documents as a precautionary measure.