How do I plan for a child or grandchild with special needs?

When planning for a child or grandchild with special needs in Alaska, there are a few estate planning strategies that could be used. First, it is important to make sure a will is created. This is essential in order to be sure that the child or grandchild is provided for if something should happen to their parents. A will allows the parents or grandparent to name a guardian for the child with special needs, appoint an executor to handle the estate, and set out how the child’s finances should be handled. Secondly, it is important to establish a special needs trust or supplemental needs trust. This will allow for the child’s assets to be set aside and managed without affecting their eligibility for government benefits such as Social Security or Medicaid. The trust must be set up carefully in order to ensure that the child’s needs are met while also making sure that the trust is not considered to be an available resource for government programs. Finally, it is essential to make sure that the child or grandchild with special needs is appointed a financial power of attorney. This person will be legally responsible for managing the child’s finances and making sure that their bills are paid and assets are managed properly. When planning for a child or grandchild with special needs in Alaska, it is important to work with a qualified estate planning attorney in order to ensure that all necessary documents are created and the plan is completely tailored to the child’s needs. A comprehensive estate plan will ensure that the child’s needs are met no matter what happens to his or her parents.

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How do I plan for a child or grandchild with special needs?

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