Parents all over the country know that they need to make a plan for their children's well being in case they're ever incapacitated or if they pass away unexpectedly. While these decisions can be difficult for families with typical children, they can be even more complicated if one or more of the children have special needs. Special needs children take more consideration so if you have one, use these tips to make sure that they're taken care of after you're gone.
What Does A Trust Do For A Special Needs Child?
Trusts are ideal ways to financially provide for children after you're gone. Since children are too young to effectively manage their money, it goes into a trust where it is held until a child reaches a certain age. A trustee is appointed to manage the money and to ensure that it's used for the child's care, such as medical and education expenses.
However, special needs children often require more assistance. Depending on the level of needs, the children could qualify for government assistance, and any assets that are a part of a special needs trust are not considered when applying for government benefits. This can help ensure that your child qualifies for all the entitlements they should. If the funds are put into a regular trust, the child could be required to use all these funds before they qualify for assistance, leaving them penniless as they grow older.
Why Guardianship In Chicago Is Important
Guardianship in Chicago is important for any parent, but it's especially vital for special needs children. These children could require a great deal of assistance, even after they turn 18. For this reason, parents must choose their guardian carefully. When someone agrees to a guardianship in Chicago for a child with special needs, the guardian needs to know that they're agreeing to be responsible for the child well after he or she turns 18.
Additionally, when you're determining who should provide guardianship in Chicago for your children, realize that a special needs child can require a lot of patience. Many people, especially people who haven't performed day-to-day care for a special needs child, may not have the coping skills and support needed. Before you name someone to provide guardianship in Chicago, have an honest conversation about what this means for his or her lifestyle.
Who Can Help You Arrange A Trust And Guardianship In Chicago?
Once you know who you want to name as a guardian, it's important to contact someone who can help set up a trust and draw up the paperwork for the guardianship in Chicago. Many people are tempted to handle this themselves using DIY forms found on the Internet, but this is a terrible idea. Instead, contact an estate planning attorney who is skilled in trusts and guardianship in Chicago.
If you're not sure how to properly protect your special needs children after you're gone, let Peck Ritchey help. Their experienced and knowledgeable attorneys are well-versed in all aspects of estate planning, including trusts and guardianship in Chicago. To contact an attorney today, please visit http://www.peckbloom.com/peckbloom_contact.html.