When Should Your Special Needs Trust Be Reviewed with a Virginia Special Needs Planning Attorney?
Nothing lasts forever. That smiling baby becomes a child, who becomes a teenager (horrible), who becomes an adult. You change too. You won’t always be there for your child with special needs. You may have already created a Special Needs Trust (SNT) to set aside money for this inevitable possibly and make transitions as easy as possible for your child. But, the creation of your Special Needs Trust should not be a “one and done” experience. In fact, it will likely need to change as your life and the law changes through the years.
A Special Needs Trust is a snapshot of your finances and life at a particular moment in time, but things may not always stay the same. If you experience a major life change, you’ll want your SNT to reflect those new circumstances. Here are some indications that it may be time to have your SNT reviewed by a Virginia Special Needs Planning Attorney.
Your finances change. Down markets, unexpected expenses, and property loss can definitely limit the amount of resources available to fund your Special Needs Trust. Yet, promotions, property values surging, and other windfalls can mean not just more valuable assets to put in the SNT, but new ones to consider allocating for your child’s care.
Your child’s needs change. Aside from your child’s disability progressing, needs can change in other ways. For example, your child may have started a new type of therapy that’s proving very beneficial, and you want to make sure that there are funds to cover that therapy in the future.
Your health changes. While you’d like to be there for your child for eternity, that’s not possible, and even the healthiest of adults may fall ill, sometimes without warning. If your health has recently taken a turn, it’s wise to contact your special needs planning attorney to discuss these changes and how they may affect your plan.
Families change. If you created your SNT a few years ago there may have been changes in the family since then such as births, deaths, and marriages. You may want to change your asset allocations to accommodate these changes, not only for the SNT, but for all your estate planning.
If anything has changed since you last had your child’s Special Needs Trust reviewed, contact Virginia Special Needs Planning Attorney Sheri R. Abrams to schedule an appointment. Contact us at (571) 328-5795.