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

Before you start estate planning for a child or grandchild with special needs, you need to first determine the type of special needs they have. This will help determine the best strategies for estate planning. The most important step is to understand the individual’s eligibility for government benefits. For example, the Supplemental Security Income (SSI) program provides financial assistance to people with disabilities who have limited income and resources. If the child or grandchild qualifies for this program, it is important to make sure that any money left to them does not disqualify them from receiving benefits. Next, consider setting up a special needs trust. This is an irrevocable trust specifically designed for individuals with disabilities. It allows you to set aside assets or money to help cover things such as educational needs, medical expenses, recreational activities, and other costs that aren’t covered by government benefits. The trust should be carefully designed to meet the individual’s needs and protect government benefits. You may also want to appoint a trustee to manage the trust. The trustee will be responsible for ensuring the money is properly used to meet the individual’s needs and goals. It is important to select a trustworthy and knowledgeable individual for this role. Finally, consult with an experienced estate planning attorney in Arizona. They can provide legal advice and guidance on how to protect assets and create a stable future for the individual with special needs.

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

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