Special Circumstances - Dependents with special needs
For parents of special needs children, the long-term care and financial security of their children is a major concern. Ensuring a special needs child will be taken care of after the parents' deaths is a top priority.
- Government benefits - Following the death of their parents, special needs individuals may qualify for certain government programs.
- Special Needs Trust - A type of trust set up to help provide for a special needs individual after the parents' deaths. If not properly drafted, may make the special needs individual ineligible for government benefits. Consultation with a lawyer experienced in special needs trusts is required. Special needs trusts typically are funded with life insurance, real estate, retirement plans.