Does your child have special needs?
If your son or daughter has a disability of any kind, it’s extremely important that you work closely with a financial planner and attorney to ensure they’ll be cared for as much as necessary for as long as necessary. Many of the same legal principles that govern caring for the elderly when they can’t care for themselves also govern adults with special needs. Therefore, most elder law attorneys also include special needs law in their practice.
The two main goals for a special needs child are (1) make sure there’s enough money for lifelong care—including after your own death; and (2) make sure your estate plan doesn’t make your special needs child too wealthy to qualify for the government benefits to which they’re entitled. The second goal is permitted by the government through special needs trusts.