Parents with adult special needs children may have put a plan in place to make sure their special needs children are taken care of after they pass away, but they may not have addressed the critical question:
“Is there going to be any money left to provide for my adult special needs child after I die?”
In this Elder Law Minute video, Wes Coulson, Illinois Elder Law attorney, explains the importance of asset preservation planning for adult specials needs children.
Asset Preservation Planning and Adult Special Needs Children
Hi, I’m Wes Coulson and this is your Elder Law Minute. I want to talk especially today to a group of people who have a serious need for some planning and I think don’t realize it. And that is, parents, older parents, of adult special needs children. You may have done planning to make sure that your special needs child is provided for when you die. But, that doesn’t address the critical question of, “Is there going to be money left to provide for them after you die?”
To me that puts those people into the category of people who have a very definite and substantial need to do long term care asset preservation planning. If you wind up in a nursing home and your life savings were wiped out, simply put, there won’t be anything left after you die to take care of your special needs child. You really can’t afford to let that happen and you need to take protective action. Give us a call, we can help. Thanks.
For more about Special Needs Planning, visit these articles:
- The 9 Most Common Mistakes in Special Needs Planning
- The Advantages of a “Stand Alone” Special Needs Trust
- Don’t Disinherit a Special Needs Child
- Common Estate Planning Mistake #13: Failing to make proper provisions for special needs family members
“Your Trusted Advisor on the Elder Care Journey”
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.