When you have a child with a disability, it’s a good idea to do as much financial planning for the future as you can. There are many legal and financial experts that can help you with things like wills, trusts, insurance policies, and investments that can protect and support your child after you are gone. An estate plan can be an important tool for ensuring that your child’s future is secure and that they maintain government benefits for which they are qualified. You do not have to have a lot of money to have an estate plan. Everyone should prepare for the expected and the unexpected.
DID YOU KNOW?
Financial gifts (gifts that have monetary value) from family members or others, upon their death or before, can put your child’s eligibility for government benefits like SSI and Medicaid at risk. Before you or others leave money or assets (e.g., a house, a car, stocks, etc.) directly to your child with a disability, it is really important to talk with knowledgeable financial and legal advisors. There are ways to build your estate plan and gifts so that benefits are not lost.