Glendale Fiscal Planning should be done by all parents and guardians of special needs children in order to protect guardians’ finances as well as to provide for the ongoing wellbeing of the special needs child for the rest of his or her life. Because this type of planning encompasses all financial areas, it is something that should be approached with professional oversight. At Newman, Aaronson, Vanaman Attorneys at Law, our special needs attorneys can help parents and guardians plan for the unexpected, save money for special needs children and complete and maintain proper estate planning.
- First, special needs parents and guardians must take care to plan their own finances so that they have enough money to provide for themselves and their dependent children once they have retired. This will look far different than it would for the typical family because more money will be needed to continue paying medical bills and other bills for the dependent adult child. Some things that should be considered by Glendale families include life insurance policies, pension plans, Social Security income, annuities and other assets that they have.
- Second, these families must ensure that the special needs individual is completely provided for upon the death of the parents or guardians. This most often requires a special needs trust, which is an account that can hold money for the use of the special needs individual. However, because the special needs person does not have access to this money, he or she will still be able to receive supplemental income from the government, which is a significant benefit.
In the case of a Glendale special needs trust, a trustee will be assigned to manage the money in the account and to ensure that all financial needs are met for the person. Rather than giving the special needs person money directly or bequeathing money to this person upon a parent’s death, the money should be sent into the trust where it will not ruin the person’s financial welfare.