Indianapolis estate planning attorneys can provide help to parents whose children are disabled. It is imperative that parents of disabled children have a dedicated and experienced attorney to provide them with help and support in making sure that their children are appropriately cared for throughout the course of their lifetimes. Disabled children often outlive their parents but cannot live independently so provisions must be made for their support and care. There are tools parents can use to help, but figuring out the right approach can be complicated.
Frank & Kraft provides personalized assistance with the estate planning so parents can make sure their children are always provided for, even after the parents have passed on. You should give us a call as soon as possible to make sure you have the right plans in place as you never know when something could happen to you and you do not want your children to be unprotected.
How can Indianapolis Estate Planning Attorneys Help Parents of Disabled Children
Indianapolis estate planning attorneys at Frank & Kraft can provide personalized assistance to parents in determining how to provide financially for disabled children after the parents have passed and can help parents to make appropriate plans for the physical care of children who cannot live independently any longer.
Parents of children with disabilities should determine where their children will live and who will make sure their needs are met. This can be a difficult thing to do. Parents may want their disabled child to move in with siblings or with other younger relatives. If so, they should discuss these arrangements with the intended caregivers and should work with an attorney to formally name those caregivers as guardians.
In some cases, disabled children will need to move to an institutional environment after parents have passed. Parents will need to research facilities carefully. If private payments must be made for the chosen facility, it also becomes important to make sure that there are funds available to pay for the costs associated with the facility. Because this can be expensive, parents will often need to consider the purchase of a life insurance policy.
Buying life insurance coverage often makes sense in any case because disabled children often are unable to be financially independent and will need ongoing support to have the best possible quality of life.
Regardless of whether parents purchase a life insurance policy to provide for disabled children or simply leave them financial assets the parents have acquired during their lifetimes, parents will also need to make plans for how an inheritance left to a disabled child will be managed.
There are two issues to address: the actual management of the wealth that is left to the disabled child and ensuring that the money and property left to the child with the disability does not lose access to means-tested benefits such as Medicaid after inheriting. The use of a special needs trust or supplemental needs trust can address both of these issues. A responsible trustee can be chosen to manage the assets held within the trust and the assets left in trust to use for the care of the disabled child will not cause a loss of access to benefits.
Getting Help from Indianapolis Estate Planning Attorneys
Frank can help parents of a disabled child to specify who should be the guardian for that child and to take steps to ensure that a disabled child can be financially provided for without risking lost access to important government benefits such as Medicaid or Supplemental Security Income.
You should join us for a free seminar to find out more about how our Indianapolis estate planning attorneys can help you to make sure your disabled child is cared for. You can also give us a call at 317-684-1100 or contact us online to get personalized help making plans for your disabled child.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.