As a parent, your concern for your children is probably on your mind all day, every day. And when you have a child who has special needs, you likely wonder about how he or she will be cared for once you have passed away. However, through establishing a Special Needs Trust (SNT) you can help positively influence your son or daughter’s life after you are gone.
Improve your child’s life through an SNT
In many cases, assistance will meet your child’s immediate needs. And while he or she would probably enjoy a gift of cash, there is no guarantee that he or she would make wise decisions regarding his or her spending. Plus, depending on the amount of money involved, a cash gift could interrupt your child’s benefits.
However, as part of your estate planning, you might consider dedicating assets to an SNT. When properly established, this type of trust can provide supplemental benefits for your child without interfering with the funding he or she receives through Social Security or Medi-Cal.
Through establishing an SNT for your child, you can enable him or her to purchase things over and above their immediate needs by providing additional resources for:
- Travel arrangements
- Educational opportunities
- Recreational activities
- Entertainment options
- Electronic equipment
It may also be possible to provide a pet and pet care through an SNT.
Involve your child in the process
Depending on the level of your child’s abilities, you might consider empowering him or her through participation in the process of establishing their SNT. They might enjoy feeling a sense of ownership over the decisions a trust will allow them to make. And in the long-run, this could help your son or daughter make good choices with their additional resources, while remembering how much you care about meeting their needs.