If you are a parent with a child who has special needs, you may be wondering how you can provide for them after you die. Creating an inheritance for your child is an important step in ensuring their future security.
In this blog post, we will discuss the steps you need to take to create an inheritance for your child. We will also discuss some of the challenges that parents of children with special needs face when creating an inheritance plan.
Steps to Create an Inheritance for Your Child
One of the first steps you need to take when creating an inheritance for your child is to create a trust. A trust is a legal entity that can hold assets on behalf of your child.
Trusts are often used to provide for children with special needs because they can manage the assets and ensure that the money is used for the child's care. Trusts can also be used to protect assets from creditors or from being spent down for the child's care.
Another important step in creating an inheritance for your child is to name a guardian. The guardian will be responsible for making sure that your child is taken care of if you die.
Parents of children with special needs often choose to name a relative or friend as the guardian because they know that the person will have the best interests of the child at heart. It is important to discuss your choice of a guardian with the person before you name them in your will.
Protect Your Child’s Future
Creating an inheritance for your child is an important way to provide for their future. With careful planning, you can ensure that your child will be taken care of even if you are not there to do it yourself. If you have any questions about creating an inheritance for your child, please contact our office right away.
Call Legacy Enhancement Trust today at (888) 988-5503 to learn how we may assist you!