One of the unfortunate decisions that parents of a special needs child sometimes make when estate planning is one to “disinherit” that child, either by not leaving them a share because they couldn’t handle it, or by leaving their share to a sibling to take care of for them. Either situation has its potential downfalls.
In this Elder Law Minute, Wes Coulson discusses this and offers his solution of setting up a Special Needs Trust.
Don’t Disinherit a Special Needs Child
Transcript:
Hi, I’m Wes Coulson and this is your Elder Law Minute. One of the unfortunate decisions that parents of a special needs child sometimes make, for lack of knowing better, is one to disinherit that special needs child. Sometimes they just won’t leave them a share saying, “Well, they wouldn’t be able to administer it.” Or more commonly, they will leave money to one or more of their other children saying, “Well, they’ll take care of that special needs child.”
Unfortunately with the economy, if you’ve left money to another child, you can’t assure that it’s going to be there for that special needs child. You know, of your children, if you have a special needs child, ask yourself the question:
Who’s going to need your help the most?
Make the effort, get a special needs trust done. You’ll be glad that you’ve done that and you’ll be doing your child a huge favor. Thanks!
For more on Special Needs Trusts and Special Needs Planning, visit these articles:
- The Advantages of a “Stand-Alone” Special Needs Trust
- Special Needs Planning
- 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.
