Special Needs Planning
Caring for an individual with special needs can be a lifelong commitment and beyond. As a parent or caretaker of an individual with special needs, preparing a plan is an important step to help ensure care continues for the individual’s lifetime. Beyond the general steps in creating an estate plan (wills, powers of attorney, etc.) the caregiver should consider the additional steps:
- Draft a "Letter of Intent"
- Ensure guardianship, and
- Establish a special needs trust.
Letter of Intent
This formal, but not legal, document allows you to educate future caregivers regarding the individual’s diagnosis and needs. Additionally, it provides information about their favorites (colors, foods) and activities (education, jobs, bedtime rituals).
Call Veracity Financial Services for a complimentary Letter of Intent booklet to start planning today.
Special Needs Trust
This legal document allows you to provide financial security without jeopardizing the state and federal need-based benefits the individual may be entitled to. The trust may be funded with life insurance, retirement accounts, and other savings. To learn more about special needs trusts, it is important to seek councel from an attorney specializing in this field. Proper planning provides for the individual’s quality of life, support, and dignity.