Given the number of individuals on the spectrum or under drug or alcohol control, special needs planning is more important than ever. Further, because it is now estimated that the average life expectancy for a person with special needs is age sixty (60), the need for planning is more important than ever.
While the parents of a special needs child are alive, they usually will do whatever needs to be done to care for the child or to enable the child to have a fuller life. The concern is what happens after the parents are gone. A major issue is who will act as trustee for the special needs child after the parents are gone. There are some corporate trustees who will act as trustee, which is important since the designation of a sibling for a special needs person is frequently too disruptive of their life. The planning involved may also include the creation of third party trusts, self settled trusts or pooled income trusts to enable the special needs person to qualify for government benefits.
We welcome you to contact Mark T. Neil & Associates for more information on special needs planning.