It is common for people to think that having an estate plan is a good idea but to also think that they can put off planning until later. For some, thinking about getting started may lead to feelings of anxiety, and they may easily become overwhelmed, especially if they have children with special needs. However, estate planning does not have to be as intimidating as many people consider it to be.
While having a special needs child does mean that some New York parents will need to take different aspects into consideration than others, planning is not made any more difficult by this factor. The main concern that parents likely want to keep in mind is the possibility of disqualifying a child who needs government benefits. Parents certainly want to make sure their child will be taken care of, but simply providing them with an inheritance may have the opposite effect.
Fortunately, parents can utilize a special needs trust that could allow a child to obtain assets from the estate without putting government benefits at risk. Having a will is also important for any parent because this document allows for the naming of a guardian in the event that one is needed. Creating an estate plan often means that parents need to think about how their children will be impacted now and in the future.
No parent likes the idea of not have the ability to care for his or her children, but it is a possibility that needs to be planned for. Estate planning can better ensure that children, especially those with special needs, will remain taken care of. Interested New York residents may want to discuss their planning options with experienced attorneys who could provide guidance throughout the process.