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

When planning for a child or grandchild with special needs in Indiana, it is important to consider their present and future needs. In Indiana, there are a few essential estate planning tools you can use to best plan for your loved one with special needs. First, an ABLE account can be set up. An ABLE account is a special savings and investment account specifically designed for people with disabilities to save up to $15,000 a year without losing their access to federal benefits like Medicaid and Social Security. Second, you can create a special needs trust. A special needs trust is a type of trust that can provide financial support for the beneficiary without affecting their access to federal or state benefits. It is important to draft this trust with an experienced estate planning lawyer who can ensure that the trust is properly created and funded. Finally, you should make an estate plan that outlines how the assets in your estate will be managed and distributed after your passing. This plan should include a successor trustee or guardian who will manage the money and assets for the special needs beneficiary. Without this plan, the court may decide how your money and assets are to be used. When planning for a child or grandchild with special needs, it is important to weigh all of your options and consult with a qualified estate planning lawyer so that your loved one’s needs are met in the best possible way.

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

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