Create a Special Needs Trust
A special needs trust is a means of financing your child’s needs and other expenses that are important to their quality of life. One of the most important benefits of a special needs trust is that it can carry on after your passing and continue funding your child’s needs. But it can also be important while you’re still alive. Special needs trusts can offer tax advantages, and they can help you pay for ongoing expenses.
If your disabled child is still a minor, one of those expenses might be the need for advocacy within the school system. Disabled children have the right to a public education. It takes reasonable accommodation on the part of the school district to make it happen, and that requires input from the parents, along with the guidance of a knowledgeable lawyer.
Create a Will
Continuity of Care
Keep Thinking Ahead
Is your child going to continue living with you after the age of 18? There are disabled adult children who can live independently. You might buy a home for your child. If you have a trust set up, the property can be held there until the appropriate time.
Disabled adults can also apply for Section 8 vouchers or to live in group homes. The sooner you think about this, the better, because wait lists can be long. It’s reasonable to start exploring this by the time your child is a teenager.
Finally, your disabled child will need savings. The trust is one way of doing this. Another way is the ABLE account — a savings program that draws its name from the 2014 Achieving a Better Life Experience Act that created it. Contributions to ABLE accounts — also known as 529A accounts — are exempt from SSI and Medicaid limits, up to a point, and from federal income tax.
Lexemy Law, LLC was founded by Attorney Alexandra Cook with the goal of helping parents who face the unique legal and financial challenges that come with raising a disabled child. It’s an experience Attorney Cook lives. She has the experience, aptitude, and compassion to help others do the necessary work of special needs planning.