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There are many reasons I enjoy my work. The first is the people with whom I have the opportunity to work. Another is the opportunity to help people find solutions where they may have assumed none existed. Nowhere is this more common than a family with a special needs child or grandchild who is unable to make necessary decisions for him or herself.

Simply leaving money to that child can actually harm that child’s interests if he or she is not capable of handling that money. Additionally, that money may actually disqualify the child from receiving important disability benefits.

I will never forget meeting with a couple who shared with me their desired estate plan. The money was to be divided among their children. However, as we talked more, I realized they had an additional child not previously mentioned; one with profound special needs that required significant assistance well beyond the financial ability of this couple.

I explained that there was a way in which they could provide for this child without jeopardizing the care and disability benefits he was receiving. There were limitations in how their money could be used for his benefit. Because of this, a type of trust would be necessary. Providing for this child through a Will would not work. However, this trust would allow them to provide for this child in a way that enhanced, rather than replaced, the benefits they could not afford to provide alone. They had no idea this was an option and had been carrying a great deal of unnecessary guilt at the thought they had to essentially ignore this child in their estate plan.   

There are ways to make sure your money is distributed as you wish, despite the challenges of life. Indeed, the solution need not be overly complex or expensive; but it will not happen automatically.

Come to a free, no obligation presentation to find out how easy it is to create the estate plan that is right for you.