Special Needs family members require and deserve special provisions made for them in a family estate plan. Unfortunately, it is very common for people to either make provisions for them in an incorrect or incomplete way, or worse yet, not provide for them at all.
In this Estate Planning Minute, Wes Coulson, Illinois Elder Law attorney, discusses another common estate planning mistake and the benefits of making provisions for special needs family members the correct way.
Common Estate Planning Mistake #13: Failing to make proper provisions for special needs family members
Hi, I’m Wes Coulson and this is your Elder Law and Estate Planning Minute. I want to talk about one of the other more Common Estate Planning Mistakes and I’m speaking specifically here to people who have a special needs person who’s a member of their family.
It’s very common for people to either not provide for them, which I think is a terrible mistake, or do it in an incorrect or incomplete way. Incorrect or incomplete is just relying on another family member to take care of them. You don’t know who is going to live longer, you don’t know what financial difficulties that other family member have. There is one correct way to provide for a special needs family member and that is something called a Special Needs Trust.
It is our privilege to help families with special needs members with this type of planning, and we’d be happy to help you. Thanks.
For more about Special Needs Planning and Special Needs Trusts, visit these articles:
- Stand-Alone Special Needs Trusts
- The Advantages of a “Stand-Alone” Special Needs Trust
- The 9 Most Common Mistakes in Special Needs Planning
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.