Oklahoma parents who are caring for a special needs child are very special people themselves. Just like their children may need special attention beyond childhood and into adulthood, though, these parents' estate plans will likely require special attention as well. Special needs trusts are one way that parents can prepare for the future needs of their children with disabilities long after the parents have passed away.
When an estate planning attorney puts together a special needs trust, the attorney will conduct a detailed interview with the parents who want to create the trust. A wide variety of information will be gathered pertaining to the life-care issues and challenges faced by the special needs child who will require ongoing care. Information will also be gathered pertaining to the parents' financial situation and other details.
Ultimately, a special needs trust will have to be financed in order for it to be fully capable of providing for a child's financial needs. This challenge can be met in a variety of ways. For example, if the parents have sufficient assets to finance the trust, then an estate plan can be created that liquidates the parents' assets in order to finance the special needs trust after the death of the parents. In other scenarios, parents may wish to take out a life insurance policy that will finance the trust after they have gone.
Regardless your estate planning challenges -- whether you want to create special needs trusts for a child or simply have tax planning questions relating to your estate -- the Derryberry & Naifeh, LLP is here to help. Our experienced Oklahoma estate planning attorneys on hand will work with you to solve any legal issues you may have regarding an estate. We will also help you create a suitable estate plan to fit your needs, whatever they may happen to be.