If you are a parent of a disabled adult, you most likely excel at planning, scheduling and managing that person’s life (in addition to your own). The task of planning for your adult child’s future may seem like an insurmountable challenge. We realize it is very hard to think about planning for your adult child’s future after your death, but there are some steps you can take now that will put your mind at ease and help provide for their financial and emotional well-being.
An estate planning lawyer like the ones at The Brown Law Firm can help review your current financial situation and plan for future needs for both you and your disabled adult child. We often recommend that parents:
- Purchase long-term care insurance for themselves in case of a medical emergency
- Set up a special needs trust in Denver to cover the costs of extra “quality of life” needs; appoint a professional fiduciary , bank or trust company to serve as the trustee and protect your loved one
- Understand the Childhood Disability Benefits (CDB) and Supplemental Security Income (SSI) programs fully so the child will continue to be eligible for Medicaid-based services even if the child inherits additional income
- Arrange for appropriate housing to meet your child’s needs; it may be advisable to have the adult child become settled in a home other than yours well before your passing
- Learn about the public benefits available for people with disabilities including community services, income and health care options: the Special Needs Alliance, The Arc and gov are good resources
- Create a document that outlines every facet of your child’s life so the information can be easily accessed after you are gone: medical and emotional needs, favorite activities, favorite foods, favorite people, etc.
- Plan for your own retirement
Contact The Brown Law Firm LLC to learn more about protecting an adult child with disabilities in Denver. Let our experienced attorneys give you the peace of mind knowing your loved ones will be protected. Call (303) 339-3750 or send us a message online.