Plan For The Future With Confidence

Plan For The Future With Confidence

Special needs planning for families

On Behalf of | Nov 10, 2022 | Disability, Estate planning

Expenses can be high for families in Maryland that care for members with disabilities. Saving money works for most families, but many of them have to qualify and sign up for disability benefits. There are several solutions for people to care for children and adults with special needs.

Inheritance for special needs

Every parent or caregiver considers what will happen to a special needs family member after his or her death. A physically or mentally disabled person may require a greater inheritance than a nondisabled person. Caring for a disability comes with significantly higher costs for medical bills, transportation, caregiving services and living arrangements. Disabled individuals of all ages have access to state and federal benefits if they qualify. Setting up a trust fund is recommended to cover the costs of a disabled person who is unable to work.

Estate planning

Even if the special needs plan is carried out correctly while the parent is alive, if estate planning is ignored, a financial disaster could occur after the parent dies. Estate planning is recommended for every adult to consider what happens to their property and assets after death. An adult who cares for a special needs person has the additional task of choosing a responsible adult to become a future caregiver and find another adult to administer the decedent’s estate.

Individuals with disabilities and their family members have more complicated financial needs. They have to consider how they will save money and spend daily expenses that add to tens of thousands of dollars every year. Families have to decide how property and assets are administered to care for a disabled person.