Most parents in Illinois always work hard to ensure that their children will live their best lives. Thus, they invest in assets such as real estate so that children can inherit them in the future. Although most children are healthy, some have special needs. Many children born with special needs are not able to fully care for themselves and will continue to require assistance as they get older. Planning for the future needs of your child can be difficult, but there are several things that you can start doing today. Here are some tips:
Avoid procrastination
Since no one knows when they’ll pass on, it is ideal for you to make early plans for your assets. Your loved ones with special needs require early planning just like the other children. Most parents prefer that beneficiaries with special needs get more resources than other kids since they cannot meet their essential needs.
Avoid disinheriting these loved ones
People with special needs can qualify for several government programs. Apart from the Supplemental Security Income, they can also benefit from Social Security Disability Insurance. Unfortunately, the incentives they receive from the government are not always enough. To avoid disinheritance, a special needs trust will be essential in maintaining the assets of the beneficiary.
Choosing a trustee
Although family members are the best option for caring for a person with special needs, they might not be the best in managing the special needs trusts. Managing the trust requires faith, proper training and guidance. Apart from a trustee, the family also needs to choose an advisor who’s financially savvy and ethical.
Special needs trusts are subject to changes and edits. If you want to create a plan for a loved one with special needs, don’t hesitate to consult an attorney.