Whether you have never heard of estate planning until now or have already started the process, we hope to explain what it is and why it is important to people with disabilities in particular. We will go through the challenges in estate planning that are unique to the disability community and point you to resources that will help you advocate for yourself as you navigate the planning process.
What is Estate Planning?
First, check out this page from Investopedia, which provides a concise explanation of estate planning. While we encourage independence and self-advocacy for individuals with disabilities, we acknowledge that many people with disabilities are still quite reliant on their parents or other family members for support into adulthood. Parents may dread the thought of who will care for their loved one with a disability and how they will be cared for when they are gone or unable to care for them anymore. This is a difficult topic to consider, and a very important one as well, so we encourage you to start having these discussions sooner rather than later.
How is Estate Planning different with children with disabilities?
Not only is estate planning arguably more important for parents of children with disabilities, but also the goals of estate planning may be different and other factors need to be considered. The goals of general estate planning encompass wills, healthcare, power of attorney, financial power of attorney, and trusts. Whether or not you have a child with a disability, these goals are relevant, and you can read more about them in The Balance’s Estate Planning Essentials. A goal unique to the disability community is to financially preserve their means tested government benefits (benefits afforded only to individuals whose incomes are below a certain level, such as Medicaid or Social Security Income). Essentially, if individuals with disabilities inherit over a certain amount, then they may lose their eligibility in these programs. We want to direct you to these next few articles as they provide excellent insights into the unique challenges of estate planning for parents with special needs children. The information they provide is critical to successful estate plans, and while some of the information overlaps, it never hurts to hear them more than once.
- “Estate Planning for People with Disabilities” — Special Needs Alliance
- “Estate Planning for Families with Special Needs children” — Special Needs Alliance
- “Providing for Adult Children with Disabilities in a Traditional Estate Plan” — American Bar Association
Creating a Successful Estate Plan
An estate plan that accomplishes all your goals sometimes requires more than just a solid understanding of what you want to accomplish and a good estate planning attorney. When creating a successful estate plan, it is helpful to know what can go wrong, so we encourage you to read this article from Forbes titled “Avoiding 7 Deadly Estate Planning Mistakes.” The mistakes mentioned in the article might seem complicated, and you do not need to be an expert in the fine print. Nevertheless, having some background information on these topics is helpful when you meet with your estate planner attorney, so the process can be more collaborative. You can find additional articles below that will help you become more educated in the estate planning process:
- “Estate planning for special needs dependents” — Fidelity
- “Developing an Estate Plan for Parents of Children with Disabilities: A 15-Step Approach” — Special Needs Alliance
