Splitting Up Assets for Your Children: Considering Special Needs | Monroe Township - Middlesex County
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Splitting Up Assets for Your Children: Considering Special Needs

January 28, 2020

Filed under: Estate Planning — Laura Pennington @ 12:54 pm

There are many different circumstances that might prompt you to consider whether leaving an unequal estate plan to your children is recommended. Every family has different dynamics that must come into account when contemplating how to proceed with estate planning.

Special needs planning requires care

If you have a child with special needs, this should prompt you to schedule a consultation with an experienced estate planning lawyer. It can be very difficult to anticipate the type of care that a child with special needs might need in the future, as well as what types of public resources or benefits might be available to them.

You might discuss with your estate planning attorney the opportunity to create a special needs trust in addition to avoiding making other estate planning mistakes that could compromise your child’s eligibility for government benefits. Regardless of how you design the plan, this could also impact the assets left behind for your other loved ones.

It is likely that you will leave a larger portion of your assets to a child who has special needs than his or her siblings. While your child with special needs might also have siblings who love him or her and agree with the plan for long term care, you cannot rely on these siblings alone to take care of a child who has additional needs.

Removing your other children from any other financial burdens associated with that child can give you and your loved ones peace of mind.        

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