As a parent of a disabled child, your estate planning needs involve special considerations, and these considerations often involve making arrangements for who is to care for your child once you are no longer able to do so yourself. As a special needs parent, you also must figure out how to support your child in the long-term financially, and one way to do so involves establishing a special needs trust.
When it comes to long-term care and estate planning, many people in the Cumming area believe they do not need to rush to fine tune them. Though you might feel you and your partner are in great health now, you never know what may happen tomorrow and in the following months that can change your situation. For example, if you or your spouse suddenly received a diagnosis of dementia or some other medical condition that requires living in a nursing home, how would you pay for it?
When it comes to estate planning in the Atlanta area, many seniors do not realize that the federal government has programs like Medicaid to help protect them from becoming compromised at the end of their lives. They fail to consider how Medicaid benefits can help to reduce their out-of-pocket long-term care costs.
Making a will that reflects your wishes and disposes of your property effectively can take a lot of careful thought and planning. Many people understandably tend to focus on the content of the will.
If your estate plan only consists of a will, you may be missing out on the various benefits of a trust. Establishing a trust can help you transfer your wealth and property to your beneficiaries according to your wishes. A trust is simply a legal structure that passes on assets to heirs according to specific instructions. Do yourself a favor and learn about three specific benefits of creating a trust.
As your age goes up and your income goes down, you probably are considering applying for Medicaid. Medicaid is a federal program that provides health services to low-income families. However, each state administers the program and therefore has the power to set requirements for eligibility and determine the type and length of services.
Parents with special needs children have to worry about issues and make decisions that parents of more typical children will never face. There are issues with obtaining quality childcare and proper medical assistance for a child with physical disabilities. There are also issues that arise about later-in-life care for children with disabilities and special needs. Conditions like Down Syndrome, Autism or other developmental disorders could leave a child dependent on care for life.