Planning for an adult child with special needs can be difficult to navigate. These anxieties increase when caregivers consider their replacements as a result of disability or death and wonder who will take care of their child or loved one.
There are several high-level factors to consider.
Financial Planning
Financial planning includes examining how to best maximize your assets to provide a level of financial security for your loved one for the rest of their lifetime and maximize the use of government benefits. Estimating annual costs and including adjustments for inflation can sometimes generate a daunting figure. Aligning yourself with a financial advisor who understands these issues and the benefits that are available can be incredibly important.
Estate Planning
Many individuals establish special needs trusts (“SNTs”). SNTs can be either “self-settled”, meaning the disabled individual sets up and funds the trust for themselves, or “third-party trusts,” which are created and funded by a third party.
Since every situation is unique, it is important to seek counsel from a qualified attorney who can evaluate and make recommendations based on an individual’s specific situation, family finances, and the individual’s planning goals. Recent law changes allow capable individuals to establish their own self-settled SNTs and ABLE accounts which may be an appropriate solution given the circumstances.
Families should identify benefits currently available to them or their loved ones and determine if changes in asset ownership or strategic planning can make benefits available.
Guardianship/Conservatorship Transition
Massachusetts does not allow a Guardian, who makes decisions for an incapacitated person, or a Conservator, who manages an incapacitated person’s assets, to easily establish a successor. Unfortunately, the process to appoint a successor or co-Guardian/Conservator can take months.
As an alternative, many families consider appointing a responsible family member or friend to serve as a co-Guardian/Conservator during life to help transition this responsibility and allow for the original Guardian/Conservator to resign when he or she is ready.
Letter of Intent
Many caregivers draft a letter of intent including wishes to care for an adult child with special needs. A letter of intent can be a great way of documenting how a care plan should move forward and can be a catalyst to planning.
A letter of intent can identify the basics such as family information, the names of any guardians, individuals to serve as caregivers for the child, professional support networks, insurance information, financial information, health concerns and important contacts. A letter of intent can also include personal details about the child and wishes for the child’s life moving forward.
While not legally binding, it can be incredibly important to have one document that can be passed on and further assist you to identify what kind of planning you may need and may identify issues that are currently unresolved.
Conclusion
While planning for your own incapacity or death as a caregiver may be daunting, it is incredibly important to ensure that a transition plan is in place and that there are identified people to continue the care that you have provided.
For assistance and counsel on establishing a plan for your special needs child, please contact WCNs attorneys as we have significant experience in both our Private Client Services practice for estate planning including special needs planning and in our Family Law practice for guardianship and conservatorship.
Attorney Meredith Havard’s practice is focused on the areas of guardianships, conservatorships, estate planning and estate administration. She has considerable experience in guardianship and conservatorship proceedings and is on the board of directors of the Massachusetts Guardianship Association. Learn more about Meredith Havard.
Contact us to assist you in establishing a plan for a special needs child.
This article is not legal advice and should not be taken as such or relied upon as legal advice.