TRUTH: The most important asset your child has is YOU.
No one can replace a parent. Having a special needs trust in place will help ensure your child continues to be cared for and live a full life as you age and upon your death. However, a fully realized plan for the future has 3 elements:
The People who will have roles in your child's life. Your Letter Of Intent includes them all but the Helpful tips section below discusses trustees and guardians specifically.
The Money to fund your plan. A Comprehensive Special Needs Financial Plan includes all the members of your family. A special needs trust is a vehicle to provide the money for your child to continue to live a full life after you are gone.
The Legal Documents to formalize and direct the implementation of your plan. A properly drafted and funded special needs trust is a key component of your plan.
The SNT is a critical piece of your estate and financial planning. Remember, the trust itself does not secure your child's future, the resources you direct to fund the trust will do that job.
Common Planning Mistakes to Avoid:
I’VE BEEN NAMED TRUSTEE OF A SPECIAL NEEDS TRUST. NOW WHAT DO I DO?
What a wonderful gift you have given to your child and everyone in his or her life. Now, onward to making sure your trusts and estate plans are properly aligned with your financial plan in order to provide the resources needed to fund them.
Want to stay on top of new planning information and workshops we offer?
We are Certified Financial Planner ProfessionalsTM and our expertise is in financial planning, managing your financial resources and advising you, from an objective viewpoint, about the big decisions in your life.
For more than 20 years we have worked with families like our own, to plan for their future and the lifetime support of their family member with special needs. Putting together all of the elements - the people, the money and the legal documents- transforms your vision into a plan for a life that is greater than the sum of its parts.