HOW TO USE ESTATE PLANNING TO HELP A CHILD WITH A MEDICAL HISTORY

Planning for your own death is never an easy task to undertake; but when you have an ailing child, this process can be so much more difficult to bear. Any parent in Texas would want to see their child taken care of after they have passed. This is especially true for parents who have a child with a medical history or perhaps is completely disabled. Thinking about this during the estate planning process could make a huge difference when it comes to taking care of your children after you’re gone.

Most estate planning experts will agree that the best way to ensure that a beneficiary receives the maximum amount given to them is through the use of a trust. Especially in the case of children with medical histories, parents will want to make sure they are getting the necessary funds to pay medical expenses.

Experts warn however, that certain provisions will need to be present in a trust to make sure that the money in the trust is not sought after by creditors in the event the beneficiary falls into financial distress.

For people whose children may already be disabled and receiving Social Security Disability benefits or Supplemental Security Income, they would be well advised to speak to an estate planning expert on ways of making sure that the assets in the trust do not impact the amount of money received through these benefits.

It’s important to point out, of course, that it’s not just parents of ailing children who should think about the specifics of their estate, but the mass population as well. Remember, you can leave your assets to whomever you wish, not just your children;, but it’s important to make sure that the right stipulations are being applied to each share of your assets in order to maximize the amount received by the beneficiary.

Source: The MetroWest Daily News, “Examining estate planning options,” Christine Keane, Oct. 20, 2012