- Posted December 2, 2022
Assets to Leave Behind to Your Disabled Children
No one knows when their time will come, but if you are a parent of a disabled child, it's essential to make preparations for the future. One thing you can do is leave assets to your child in case something happens to you. This will help ensure that they are taken care of even if something happens to you. Here are some of the different types of assets you can leave behind for your disabled child according to our neurodiversity financial planning services specialists.
Regardless of whether a parent has a will or not upon their death if they have any disabled children, it is important to make sure that provisions are made for those children in the form of a trust. This will help to ensure that the child's needs are taken care of financially after the parent's death. One asset that can be left behind in a trust for a disabled child is retirement accounts.
Retirement accounts can provide a lifelong income stream for a disabled child, which can help to cover the costs of medical care and other necessary expenses. In addition, retirement accounts can be used to fund special needs trusts, which can provide even more financial security for a disabled child. By leaving behind retirement accounts for a disabled child, parents can help to ensure that their child is taken care of financially after they are gone.
Multiple people are not uncommon to be named as beneficiaries of a home. And while this asset can provide disabled children with a place to live, it can also offer much more. With thoughtful estate planning, a home can be used to help disabled children maintain their quality of life, even if they are unable to work.
For example, the home can be sold and the proceeds used to purchase an annuity that will provide a lifetime of income. Or, the home can be rented out and the rental income used to cover expenses. By carefully planning, disabled children can enjoy the stability and security that a home provides, even after they’re gone.
As a parent, it is natural to want to provide for your children and ensure their well-being after you are gone. If you have a disabled child, this may require extra planning to ensure that they can continue to receive the care and support they need. One way to do this is to set up a trust fund. This can be used to cover the costs of medical care, housing, and other essential expenses. By putting money into a trust, you can ensure that your child will have the financial security they need to maintain their quality of life. In addition, a trust can be used to protect your child from creditors or predators. As a result, setting up a trust is an important way to safeguard your child's future. Our certified financial planners specialize in special needs trust planning services.
You always want to have the peace of mind that your children will be taken care of after your death. This feeling only grows stronger when you have disabled children to provide for after you are gone. Make sure you leave these three assets to your disabled children in your estate plan.
Did you enjoy reading this article? Here’s more to read: How to Make Sure Your Disabled Child is Taken Care of After You Die
Contact Planning Across the Spectrum for neurodiverse certified financial planning services.