Harris, Texas -

Houston estate planning attorney Whitney L. Thompson releases a new article (https://www.wthompsonlaw.com/financial-planning-for-special-needs-children/) explaining financial planning for special needs children. The lawyer mentions that special needs children present a unique challenge for estate planning. Parents must ensure that their estate planning is optimized to ensure their child will still be eligible for enrollment in public benefits programs.

“Estate planning presents unique challenges for families with special needs children. In maximizing your estate’s potential for use, enhancement, and enrichment while maintaining your special needs child’s enrollment in public benefits programs, careful planning is necessary. To accomplish these and other goals for your child, a special needs trust can be prepared by an estate planning attorney,” says the Houston estate planning attorney.

Houston estate planning attorney

The lawyer explains that having a special needs trust can help meet the strict financial eligibility rules for means-tested assistance programs because the assets held are not directly available to the child. A trustee provides benefits to the child through the trust. The parents are the ones who will select the trustee.

Attorney Whitney L. Thompson says that the trustee must be selected carefully by the parents because they will be the manager of the child’s money. They will also help ensure proper financial supervision after the parents pass away. A letter of intent is also a powerful tool to guide the trustee to make decisions that will best benefit the child.

In the article, the lawyer says that it would be beneficial for the child if the parents select a non-family member to act as the special needs trustee. The range of options includes an estate planning attorney, a financial institution, a special needs non-profit organization, and co-trustees such as a Trust company.

“Whether or not your trust is revocable or irrevocable affects tax consequences. Generally, you’ll want to choose a revocable trust if the goal is to maintain maximum control over the trust and income tax considerations aren’t a concern. Establish an irrevocable trust when there are concerns regarding income tax consequences, particularly if the trust funds exceed one million dollars. In this instance, both federal estate and gift taxes may apply to the trust,” says the estate planning already.

Lastly, the lawyer emphasizes the importance of having a skilled probate attorney when dealing with matters involving the probate process. Having an experienced estate attorney may be able to help an individual understand their rights and help them prepare for the future of their loved ones.

About The Law Office of Whitney Thompson, PLLC

Attorney Whitney Thompson is an experienced family law attorney who helps clients deal with family law matters such as divorce or legal separation. Attorney Thompson also deals with guardianship, probate, and estate planning matters. As an experienced divorce lawyer, attorney Thompson and her legal team have helped families have a smoother divorce process and plan for their future more thoroughly. To schedule a consultation, call (281) 214-0173.

The Law Office of Whitney L. Thompson, PLLC

4201 Farm to Market 1960 Rd W Suite 320, Box #116B, Houston, TX 77068, United States

(281) 214-0173

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For more information about The Law Office of Whitney L. Thompson, PLLC, contact the company here:

The Law Office of Whitney L. Thompson, PLLC
Whitney L. Thompson
+12812140173
info@wthompsonlaw.com
The Law Office of Whitney L. Thompson, PLLC
4201 Farm to Market 1960 Rd W Suite 320, Box #116B, Houston, TX 77068, United States

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