Estate Planning

Five Essential Estate Planning Documents For A Special Needs Family

By David M. Goldman

Five Essential Estate Planning Documents For A Special Needs Family. At the minimum, a special needs child deserves a parent?s continued stewardship and guidance, even though the parent may be incapacitated or deceased. Therefore, the parents of a special needs child should typically have the following five estate planning documents prepared:

(1) Last will and testament.

(2) General durable power of attorney for financial affairs (?GDPA?). The parent?s GDPA should permit the agent to make discretionary non-support distributions to or for the benefit of the special needs child, and to establish a SNT for the benefit of the special needs child.

(3) Durable medical power of attorney.

(4) Revocable living trust. During a parent?s period of incapacity, the parent?s revocable living trust should contain language that permits the trustee to make discretionary non-support distributions to or for the benefit of the special needs child. Upon the parent?s death, the special needs child?s inheritance should be distributed to a third-party created and funded SNT previously established by the parent.

(5) Third-party created and funded SNT.

Full post as published by Florida Estate Planning Lawyer Blog on January 13, 2009 (boomark / email).