If your child has special needs

By Patricia Nugent

Parents of children with special needs deal with a host of concerns regarding their welfare, including addressing the future. What will happen to them after the parents pass away?

“It’s a long and complicated challenge to go through the process of making sure your special needs child is getting the maximum amount of benefits allowed from the government,” says Attorney Margaret T. Karl, who helps people handle their final wishes through estate planning. “Since those benefits can be jeopardized if the child has more than a set amount of assets, it’s important to sit down and create an individualized plan to make sure that doesn’t happen. Establishing a trust, overseen by an appointed trustee, is usually the safest course of action in protecting his or her assets and securing the future. The trust can own everything from cash assets to property, investments, life insurance proceeds and more.”

Other considerations include preventing things like well-intentioned grandparents or family members who pass away and leave money to a special needs child without realizing what damage it can do.

“Unfortunately, once the horse is out of the barn, it can’t be put back in,” says Margie. “This can’t be undone and could cost them their benefits.”

After she meets with parents, Margie says they usually say she brought up issues they never would have thought of.

“We can draft specific provisions with a trust, such as if the parents want to leave their home to the child so he or she can stay there permanently,” she says. “And even beyond monetary protections, I’ve included living provisions for people with varying degrees of autism to severe disabilities that take the worry away from parents.”

Margaret T. Karl, Attorney at Law, is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com.