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

If you want to plan for the future of a child or grandchild with special needs in Washington, there are some steps you should take. First, you should discuss the issues with the child’s legal guardian or, if applicable, the court-appointed guardian. Working with a professional estate planning attorney can help ensure that you have taken into account all the applicable laws, including special needs trust laws, and guardianship and conservatorship laws. You should also ensure that you understand the various government benefits that may be available, including Social Security, Medicaid and Supplemental Security Income. You must also be aware of the different types of trusts available, such as special needs trusts, revocable living trusts and irrevocable trusts. To plan properly, you should also create an appropriate budget and account to manage the child’s financial needs over his or her lifetime. This should include budgets for day-to-day expenses, medical bills, and educational costs. You may also want to consider obtaining guardianship or conservatorship or establish a power of attorney so that the child’s interests will be protected. In addition, you should review the insurance policies that you have in place and consider whether additional coverage may be necessary. You should also consider assets that may be used to provide additional resources for the child’s care and living expenses. Estate planning for a child or grandchild with special needs can be complex. Before you begin the process, you should hire an experienced estate planning attorney to make sure that all of the necessary steps are taken.

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