Despite the observance of Autism Awareness Month, Charlotte estate planning lawyer Sabrina Winters warns that many parents of special needs children are still in the dark as to three key planning steps designed to protect their child if the unthinkable happens.
Autism affects one in 110 children in the country, with boys being four times more likely than girls to be diagnosed on the spectrum, according to AutismSpeaks.com. The prevalence of autism, which affects the brain’s normal development of social and communication skills, has also increased 57 percent from 2002 to 2006. This increase has prompted The Centers for Disease Control and Prevention (CDC) to refer to disorder as a “national public health crisis”. Yet while autism awareness is at an all time high, Charlotte
estate planning attorney Sabrina Winters warns that many parents are unaware as to how to ensure their child is cared for, both physically and financially, when death or incapacity occurs.
“As much parents of special needs children hate to think about it, there will come a time when they are physically unable—or perhaps no longer alive—to oversee their child’s care,” warns Winters. “That’s why long-term care plans must be put in place as soon as a diagnosis is made to ensure the child always stays physically and financially protected if the unthinkable occurs,” she adds.
While Winters does admit that the options for long-term care planning are broad and depend on the needs of the child, she explains that parents can simplify the process by starting with these three key planning steps:
1. Name Guardians. Winters urges parents to immediately name guardians who can oversee their child’s care if something unexpectedly happens to them. Without such designations in place, the child could end up in a lengthy custody battle if the unthinkable happens. Winters advises parents to think outside the box and focus on finding someone whose love and dedication to the child closely resemble their own. Finally, parents should give copies of their designations to the guardians themselves, as well as the child’s school, babysitters and even the neighbors so everyone knows exactly who to call if a crisis strikes.
2. Set up a Special Needs Trust. A special needs trust is a legal tool that ensures a disabled child’s health care and living needs are taken care of if something happens to mom or dad. Winters explains that while many parents have good intentions of leaving their child life insurance benefits or other assets in a will or Trust if they pass, leaving a child an inheritance outright could void their eligibility for Social Security or Medicaid in the future (which is often the only health care option available!). Instead, a trust helps to ensure that the child receives such financial benefits without actually having assets in their name—thus leaving all government benefits intact.
3. Build a Team of Support. According to Winters, it’s never too early to begin building a team of trusted caregivers and advisors who can immediately step in and help the child if a crisis occurs. Such team members may include the child’s legal guardians, a trusted doctor, financial advisor, estate planning attorney and dedicated family or friends. Building such a team now also helps to ensure you have the right people in place, as opposed to someone who will prey upon your child’s disability in an emergency.
“Parents of special needs children must go into planning with the mindset that their child will require a lifetime of care,” says Winters. “Fortunately, by starting with these 3 key steps, parents will make tremendous progress in ensuring their child is physically and financially cared for in their absence.”
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