When you have special needs family members in your family, you need to take care of them when going for estate planning. There are several unique challenges that you may face when you have such family members and may require a different approach. So, there are several aspects that you need to consider,and we have discussed some of them below.
Special needs trusts
When working with the best lawyers in Michigan for estate planning, you should consider individuals with special needs and should go for a special needs trust. Special needs trust is created to make sure that the beneficiary can get essential government benefits without affecting their eligibility. It is important as several individuals who have special needs go for government assistance for healthcare, housing, and several other services.
Choosing the right trustee
You should choose the right trustee for a special needs trust so that nothing can go wrong in the future. A trustee will play an important role in managing the funds and ensuring that they are used properly for the best interest of the individuals with special needs. It is beneficial to choose someone who understands the challenges faced by the individual or you can even go for a professional trustee who has experience in special needs planning.
Providing for lifetime needs
In conventional estate planning situations, one does not have to think about lifetime support. But this will be the case when you have to care for individuals with special needs. You should not just consider their immediate needs but should also think about any challenges that they may face in the future. So, you should consider all expenses required for maintaining the quality of life for them.
Guardianship and decision-making powers
Individuals with special needs may sometimes find it difficult to make decisions independently. So, an estate planning attorney Michigan should help in appointing a guardian for them. When there is a guardian, this will ensure that they have someone to trust and are authorized to make decisions for the individuals when it comes to healthcare, housing, and other such things. You should keep regularly reviewing and adjusting the estate plan with time.
About Castle Wealth Group Legal:
Castle Wealth Group Legal is one of the most reputable legal firms that you can contact when you wish to go for Ann Arbor elder law experts. They can provide you with the best team of attorneys who can help develop the right estate plan.
To work with estate planning attorneys, visit https://michiganestateplanning.com/
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