Trusts help parents protect children with disabilities

| Oct 6, 2016 | Trusts |

Regardless of the situation, parents worry about their children’s future. However, this is likely especially the case for parents with a disabled child who may be unable to care for him or herself. Fortunately, parents in Georgia who want to ensure that their disabled children are cared for even if they become unable to do so can provide protections through trusts.

In some cases, the parents of a disabled child may simply assume that another family member will provide care. Unfortunately, that is an assumption that could have serious negative consequences if it proves untrue. A frank conversation may be necessary to ensure that an intended caregiver understands and accepts the role to which he or she has been assigned.

Additionally, parents can take steps to ensure that there are funds available to provide such care. While they may leave money to another child with the understanding that he or she will care for a sibling, those receiving the funds have no legal obligation to do so. If the beneficiary were to go through a divorce or bankruptcy, inherited funds could be used in a manner not in line with the original intentions.

One solution is the use of trusts. An experienced estate planning attorney can help those in Georgia seeking to protect a disabled child. With a trust, a parent can dictate that funds must be used to provide care, and the trustee is legally required to meet those demands. Careful planning can go a long way to providing parents peace of mind that their disabled child will receive necessary care for the rest of his or her life.

Source: lccentral.com, “Estate Planning for Children with Disabilities“, Jeff McKenna, Sept. 27, 2016