I read a book about the estate planning for parents who have a child with special needs.
To plan completely, at least following documents should be considered (From Chapter 4):
– A Revocable Living Trust
– Financial Healthcare Powers of Attorney
– Living Will/ Advance Directives
– Nomination of Conservator Documents
– Pour-Over Wills
– Nomination of Guardianship Forms
– Assignment of Personal Effects Form
The main document is the Revocable Living Trust. According to this book, the parents should not leave money directly to the child because of Medicaid system. Using a legal tool of ‘trust’, the parents must carefully plan how their child will be able to be taken care of, under Medicaid system.
In Japan, a revised Trust law took effect in 2007. Ordinary people can use this Trust as an option to leave their assets effectively. But, reading this book, I thought preparing Trust needs elaborate effort. It would be great if a governmental organization shows several typical Trust schemes for the parents who have children with special needs.