Estate and Family Planning

Estate and Family Planning

Estate and family planning are crucial for securing long-term care and financial stability for children with disabilities, including those diagnosed with Edwards’ Syndrome. Proper planning ensures protection of eligibility for critical government benefits, delivering peace of mind to families.

Types of Accounts for Disabled Children:

1. Special Needs Trust (SNT)
A Special Needs Trust protects assets for a person with disabilities without impacting eligibility for public benefits such as Medicaid and Supplemental Security Income (SSI). These trusts can fund essential needs like medical expenses, therapy, educational opportunities, and personal care.

  • How to Set Up: Engage a special needs planning attorney to draft and establish the trust. Typically funded through personal resources, life insurance policies, or inheritance, it is essential to appoint a reliable trustee to oversee asset distribution aligned with the child’s specific needs.

2. ABLE Accounts (Achieving a Better Life Experience)
ABLE accounts enable individuals with disabilities to accrue savings without compromising eligibility for government assistance programs. The accumulated funds can be utilized for qualified disability-related expenses including education, housing, transportation, healthcare, and assistive technologies.

  • How to Set Up: Establish an ABLE account online via your state’s ABLE program or the ABLE National Resource Center website. Family members can conveniently contribute to the account online, ensuring accessible financial management.

3. Guardianship and Conservatorship
Guardianship or conservatorship empowers a parent or designated individual to make critical personal and financial decisions for an adult child with disabilities who cannot independently manage such responsibilities.

  • How to Set Up: Collaborate with an attorney specializing in guardianship matters to navigate the legal process, including petition filing, assessments, and court proceedings. Comprehensive medical and developmental documentation will be required.

ESA remains committed to equipping families with essential resources and expertise for effective estate and family planning, fostering lifelong security and quality of life for individuals diagnosed with Edwards’ Syndrome.