As the parent of a child or adult with special needs or a disability, there are many considerations you will need to make in life, not only while you are alive, but for the future as well. Depending on the severity of your child’s condition, they may be completely dependent on you to manage their affairs. Even if they are capable of making their own decisions, they may be unable to work, or they may need the assistance of a caregiver for their activities of daily living.
Have you ever thought about how your child will survive after you are gone? The earlier you start planning for you and your child’s future, the better the outcome will be for them after you can no longer care for them. The team at Slutsky Elder Law has some information for you about special elder law planning steps you can take to to guarantee a secure future for your child with special needs or a disability.
Age-Related Concerns for Parents of Children with Special Needs or a Disability
One important thing that any parent of a child with special needs or a disability should know is that, legally, your child will become an adult the moment they turn 18. That means they will be responsible for making their own decisions at that point, regardless of the severity or nature of their condition. If you don’t think they will be able to handle that responsibility, you will want to speak to an attorney well before they reach adulthood and read PA courts guardianship resources.
You may want to consider putting the following documents in place:
Power of Attorney
Once your child turns 18, they will be legally empowered to sign documents on their own behalf, and make financial and medical decisions on their own. This could cause issues if they aren’t capable of understanding those documents or making those decisions. With a power of attorney in place, you can be in a better position to assist and advise in your child’s decision-making so you can protect them from taking costly or otherwise detrimental actions. This assumes your child has the capacity to execute a power of attorney. If not . . . .
Guardianship
In cases of severe intellectual or developmental disabilities, it may be necessary for a parent to assume full responsibility for their child’s financial and medical decision-making. Putting a guardianship in place will make sure that all their decisions will be made by you on their behalf. Note that Pennsylvania courts are always trying to come up with less restrictive alternatives to guardianships. An experienced elder law attorney can provide various options short of a guardianship.
Financial Considerations for Kids with Special Needs or a Disability
While the information above mostly applies to children with severe intellectual or developmental issues, even children with other types of disabilities will need a plan for their finances in the future.
For example, a child with complete paralysis will need assistance with activities of daily living for the rest of their life. While you may be able to fulfill that function now, you may not be able to in the future, and you will need to plan for hiring a caregiver after you pass away. With careful planning, you can put money aside to cover these expenses.
You may want to consider using one or more of the following tools for this purpose:
- Special/Supplemental Needs Trust (SNT): There are several types of trusts available to help people with special needs or a disability cover their expenses without losing eligibility for programs like Social Security Disability or Medicaid. An SNT can be funded by a third party, usually parents or other family members, or it can be funded with the individual’s own money. It is structured to allow it to be used for their needs without jeopardizing their public benefits.
- Life Insurance: This is a great tool for any estate plan, but it is especially important for parents of children with special needs or a disability. You will want to make sure your insurance policy will be adequate to cover your child’s expenses after you pass away, and an elder law attorney can help you determine the appropriate strategy. However, like other assets, these should not be payable directly to a child who is receiving public benefits.
Elder Law Attorneys for Parents of Kids with Special Needs or a Disability
Proactive planning is the best gift you can give your child with special needs or a disability. For dedicated legal support and guardianship services in the Chester County area, contact Robert Slutsky at Slutsky Elder Law by calling (610) 940-0650 to explore your options for the future.
His decades of experience allow him to give you the best advice about powers of attorney, guardianships, trusts, and more that will help your child with special needs or a disability live life to the fullest, now and in the future.