December 2022

Imagine for a moment that your child gets into a car accident while they’re off to college. While you would normally be the one making decisions in such circumstances, your parental role changes drastically once your child turns 18.

As such, you are no longer in control of life decisions as they relate to your child. So in the unfortunate event that your child needs medical treatment, you can’t authorize it without going through the courts first. It’s one of the many facts of life that many parents don’t think about when their child officially becomes an adult.

The good news is that you can take steps before your child goes to college to ensure that you have a legal say in important decisions, such as those that could hinge on life and death. The last thing you want is to be unprepared and blindsided by such a challenging ordeal. 

At Doane & Doane, we can help you put the necessary paperwork in place to protect your rights as a caring parent and the rights of your child—rights that you feel have your family’s best interests in mind. So don’t send your child to college without an estate plan in place. Contact us right away to get started and ensure the wellbeing of your child.

The idea of planning for the future is terrifying for most people. The unknown gives us anxiety, and the thought of someone else making decisions about our lives is overwhelming. However, planning for the future is very important in order to ensure that you are taking care of your family and your loved ones. There are so many things to consider when planning for the future, from the cost of raising a child and the level of financial support you and your partner can offer to your children.

Even though it may seem scary, planning for the future is essential to ensure that your family is taken care of and that your loved ones are looked after. The best way to plan for the future is by taking an overview of your family situation and identifying any risks. If you have children with special needs, there are a few provisions you’ll want to consider, but estate planning is largely the same.

Protect Your Financial Assets

It is important to have a plan in place to ensure that your family is taken care of. This means that you need to make sure that you have a safety net in place. Financial assets are extremely important in planning for the future. Your estate planning attorney can assist you in making sure that your child is protected with the capital necessary to provide for their special needs.

Trusts to Consider for Your Special Needs Child

Choose the right type of trust for your family situation and your financial situation. This will help to ensure that your child receives the right type of care and that you and your partner are protected financially.

First-Party Trust: This trust doesn’t restrict how your special needs child receives and uses the assets you leave to them.

Third-Party Special Needs Trust: This is a trust that’s usually set up by loved ones and can hold assets of various origins, including income-generating property, life insurance, or an investment portfolio. Your child can use these assets for anything they need.

Pooled Special Needs Trust: This trust is one that is formed from the combined assets of multiple family members. Each beneficiary has a sub-account that is funded for your special needs child.

Choosing the right type of trust is important because it will help to ensure that your family receives the care that they need while also protecting your financial assets.

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Call Doane & Doane to Speak with an Attorney

Doane & Doane Attorneys at Law are committed to assisting you with all of your estate planning needs. We invite you to contact us today to discuss how we can best serve you.

Office closures in December: