Special Needs Trust & Guardianships for Special Needs Children
If you have a Special Needs child, you probably need to do more planning than just a simple Will.
Most parents of a special needs child should set up what is called a Special Needs Trust. A Special Needs Trust is a specific estate planning document allowing a parent to devise their assets to a special needs child but the money/assets are placed in a special trust for their benefit/use without affecting the child qualifying for essential government benefits and programs.
Also, a parent of a special needs child will also have to consider establishing a guardianship for that child when they reach the age of 18. Once a child reaches 18 in Florida, the parent no longer has authority to handle that child’s affairs and may not have access to medical information or make medical decisions. Establishing a guardian advocate will allow the parent to continue to handle that child’s affairs after they reach 18.
If you have a special needs child, call Whibbs Stone Barnett to schedule a free consultation to discuss proper planning for your special needs child.