Houston special needs trust attorney Whitney L. Thompson (https://www.wthompsonlaw.com/financial-planning-for-special-needs-children/) of The Law Office of Whitney L. Thompson has recently published an insightful and detailed guide titled ‘Financial Planning for Special Needs Children.’ The release marks a significant development for families with special needs children, illuminating various aspects of estate planning, special needs trusts, and the importance of legal guidance in securing the future of these children.
In the article, Thompson, a dedicated Houston special needs trust attorney, elaborates on the crucial role of special needs trusts in the financial planning process. These trusts ensure that the child’s enrollment in public benefits programs is maintained while maximizing the potential use and enhancement of the estate. The article underlines the need for careful planning for families with special needs children and how a special needs trust can facilitate this process.
“Securing the future of your special needs child is a complex task. A Houston special needs trust attorney guides you through every step, creating tailored solutions that protect your child’s lifelong care, assets, and benefits,” states Thompson. She emphasizes the importance of the trustee’s role, acting as the child’s money manager, and the careful selection process parents should undertake.
Thompson further discusses the options parents have when selecting a special needs trustee, including relatives, estate planning attorneys, financial institutions, non-profit organizations, and even co-trustees. Each option comes with its unique advantages and disadvantages, requiring close counsel with the family’s estate planning attorney or financial advisor.
The Houston special needs trust attorney also sheds light on the different types of special needs trusts, such as living trusts and testamentary trusts. Thompson advises on the tax implications of these trusts, the benefits of making them revocable or irrevocable, and the importance of making the trust legal to ensure the child’s future.
The article also covers the potential scenarios that can occur when parents of special needs adults pass away. It highlights the importance of ensuring stable living conditions, utilizing public benefits, considering guardianship for adult children, and establishing a special needs trust. Thompson strongly recommends a comprehensive estate plan that accounts for the child’s needs to ensure their well-being, dignity, and quality of life even in the parents’ absence.
“Financial planning for a special needs child requires a meticulous approach. An attorney well-versed in special needs trust law can help draft and manage a trust that meets the unique needs of your child,” Thompson adds. She highlights the factors to consider before drafting a special needs trust, including the age and nature of the beneficiary’s disability, their functional abilities and limitations, future living arrangements and needs, eligibility for government benefits, and available financial resources.
About The Law Office of Whitney L. Thompson:
The Law Office of Whitney L. Thompson is a Houston-based law firm focusing on estate planning and special needs trusts. The firm’s experienced attorneys are dedicated to providing tailored legal solutions that ensure the financial security, medical care, and overall well-being of special needs children. With a deep understanding of the unique challenges faced by families with special needs children, the team at The Law Office of Whitney L. Thompson is committed to guiding and supporting families through the complexities of estate planning and special needs trusts.
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Phone: (281) 214-0173
Address:4201 Farm to Market 1960 Rd W Suite 219, Box #116B
City: Houston
State: Texas 77068
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Website: https://www.wthompsonlaw.com/