Providing for your family isn’t an easy proposition, and it can be hard to predict every turn in the road. Seeing down the path to help a loved one with special needs can seem especially daunting, but there are ways to plan for all the curves.
People with Down syndrome are living an average of almost 50 years longer than in the 1940s. This means planning for their future is more important than ever. While an estate plan is key, you need to ensure that you’re adding every document your situation requires.
Picking a plan
A special needs trust can be one of those documents for your family. This setup can allow you to continue providing for your loved ones without putting any undue stress on their shoulders. Trusts come with a few components that will help you achieve your goals.
Settling terms
One of the most important things in planning is keeping government benefits like Medicaid and Supplemental Security Income in mind. While they can offer a lot of assistance, they usually have strict requirements. Your loved one will likely need to stay under a certain income and have minimal assets in their name. A trust can hold their inheritance and pay money at regular intervals to make sure help isn’t at stake.
The next important step is to leave someone to oversee the trust. You can name a family member or professional, and outline their rights and responsibilities. Their job will be to keep an eye on the process to make sure everything continues to go according to plan.
Taking care of your family is a point of pride, and there’s no reason it has to stop when you’re no longer around. Make sure you have the proper planning elements in place, and you could help them for years to come.