Tulsa Special Needs Planning Attorney

Tulsa Special Needs Planning Lawyer

We have the utmost sympathy for the stress and anxieties that special needs parents have in Tulsa, OK. While we are continually impressed with how well they manage those concerns while giving their child devoted love, attention, and care, we understand that anything that can ease some of that anxiety can be helpful. We’ve found that a major source of concern for these parents involve fears about what will happen to their child when they are gone. These parents invest so much of themselves into their children, and they want to know how those needs will be met when they can no longer do so themselves.

Fortunately for these parents, the right kind of estate planning can prepare for those concerns. It’s possible to put together a plan that can give parents full confidence regarding their child’s care and future. At Stange Law Firm, we use our knowledge and experience of estate planning to help put together a plan that can give parents of special needs children some comfort.

What to Consider in Special Needs Planning

Estate planning can be tremendously important in many situations. It gives people peace that their assets and other concerns will be handled according to their wishes once they are gone. However, given the importance of estate planning, it’s crucial that the plan be a thorough one, addressing every issue regarding one’s estate. These benefits of estate planning are all the more critical for families with special needs children. Along with all the standard concerns in estate planning, there is also the addition of the child being cared for when the parents are gone.

At Stange Law Firm, we understand the impact of these concerns and craft comprehensive plans to account for the major matters that parents need the plan to cover. Some of those major concerns include:

• Finances – A major concern for many parents of special needs individuals is the financial component involved. Depending on the situation, some special needs individuals are able to provide a modest income for themselves. However, in other cases, they are unable to do so at all. Often, this means that there is a reliance on government assistance programs, which are means-tested. Parents are often concerned that any inheritance passed down could threaten their children’s access to these programs. Fortunately, it is possible to plan for this and, with the use of a special needs trust, avoid any issues.
• Conservatorship or Guardianship – Depending on the capacity, age, and independence of your special needs child, there could be a need for a guardian or conservator. Your plans can include an arrangement to appoint or arrange for one after you pass.
• Education and Employment – If your special needs children may pursue continued education or employment of some kind, a plan can include provisions for these issues.
• Medical Care – A major component of caring for a special needs child can be medical care. Whether using government programs, private insurance, or other options, your plan will need to account for the future medical care of your child.

How Special Needs Trusts Work

One of the most useful and common ways to prepare for the care of your special needs child is through the use of a special needs trust. These are sometimes referred to as supplemental needs trusts. The benefit of these trusts is that assets in them are not exposed to the means-testing that is required for the government assistance programs that so many special-needs people rely on. The idea is that the assets in the trust are meant to act as a supplement to what those programs provide.

These trusts are set up so that they are funded by the assets that you are including for your special needs child in your estate plan. These could be assets like cash, insurance policy proceeds, investments, real estate, or anything else of value. In the event of your death, someone whom you’ve named as trustee will take over management of the trust and the assets within the trust. They will be responsible for seeing that those assets are used according to the plan you’ve created.

These trusts are an important tool in special needs planning. They provide a tremendous benefit and offer comfort for those wanting to see that their children will be cared for when they’re gone. However, they can be complex legal tools and need to be put together properly. There are some additional requirements that need to be in place for special needs trusts. If you want to ensure that you have a comprehensive plan that will cover all major issues and be designed appropriately, your strongest chance of achieving that will be to work with an estate planning lawyer, like those at Stange Law Firm.