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Protect your disabled child with a special needs trust

When you work on your Washington estate plan, you probably do so with the intent of leaving as much of your wealth behind for your child as you possibly can. If your child has special needs, however, you may need to make additional accommodations for him or her in your absence. At Gellner Law Group, we understand that estate planning for a special needs child involves additional considerations, and we have helped many people facing similar circumstances pursue estate planning solutions that meet their needs.

According to CNBC, providing a lifetime of care for your disabled or special needs child can cost you millions, but if you leave your child too much of your wealth in a traditional will, it can lead to additional hardship. How? Odds are, your special needs child is currently utilizing one or more types of government assistance, such as Medicaid or Supplemental Security Income, to get by. The potential problem, however, is that such benefits undergo distribution based on need, and if your child has too much money available to him or her, it may make him or her ineligible to continue to receive these benefits.

A special needs trust, however, can help you leave assets to your special needs child without worrying that doing so will impact his or her government benefits eligibility. By funding the trust with life insurance and other property that does not directly belong to your child, you can effectively leave behind assets he or she can utilize without affecting his or her ability to receive government assistance moving forward.

While placing assets into a special needs trust is an important step in providing for your child after your passing, you should also devote some careful consideration to creating a written plan that dictates your wishes with regard for who will care for your child in your absence. You can learn more about these and other estate planning efforts on our webpage.

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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