Millions of parents in Florida and throughout America have children who have special needs. This may require them to provide care or find ways to obtain the care that their children may need for their entire lives. Parents of special needs children can name a guardian to watch over their kids in the event that they are no longer able to do so. Taking this step can be especially important once a child becomes an adult.
A guardian is named in a will, which means that parents of special needs children should create this document as soon as possible. The will can also dictate that assets go into a special needs trust after a parent passes on. Failure to do so could result in a court ordering that the child be named the beneficiary, which means that he or she no longer has access to government resources.
If other parties want to provide financial support for the child, it’s essential that the process is completed strategically. When assets aren’t transferred correctly, it could jeopardize a child’s ability to obtain government benefits. Parents should look into maximizing their health savings account (HSA) contributions to help cover their children’s health care expenses. Doing so can make it easier for parents to cover out-of-pocket costs while enabling them to enjoy tax savings as well.
The use of a special needs trust may make it easier to care for a child with needs that may need to be met over the course of his or her a lifetime. With the use of a trust, a child can inherit assets and still access government benefits. Individuals who are interested in creating such a trust may want to consult with an attorney. Doing so may help a parent learn more about how to create it as well as whom to name as the trustee.