All Grown Up

I have been an adult now for over 30 years, however these days I am feeling a little bit more grown up than I had been.  It isn't that I haven't had my share of responsibilities over the years to contribute to my being a full fledged grown up.  Being the father of an 18 year old with special needs pretty much forces you to be a grown up, whether you want to or not.

So, you may ask, what monumental event has occurred that has prompted me to feel more grown up?  My wife and I have finalized our wills.  With our son, it is particularly important for us to spell out in advance how any assets that we have are handled.  

For my son to continue to receive his SSI benefits, he can not have assets in excess of $2000.  Consequently, we can ill afford to have any assets pass directly to him.  That is why we have spelled out in our wills the establishment of a special needs trust.  This way, no assets directly pass to him, and he will maintain his eligibility to collect his benefits.

We were fortunate.  My father in law had an attorney that he deals with that he referred us to for discussing planning for our son after he turned 18.  As part of that, he has picked up the attorney fees.  Had he not done so, I could have used a benefit from my company's employee assistance program that would have allowed us to get our wills completed.

But what if you aren't that fortunate to have somebody else pick up the tab?  Well, if you happen to live in the state of Texas, you should check out Texas last will and testament.  At that website, you can find an affordable on line alternative to hiring a lawyer directly.  You fill out a questionnaire, the lawyers write your documents, and send them to you.  They give you all instructions for signing the documents.

It's as simple as that.  Regardless of whether or not you decide to go with an online will service or hire an attorney, you need to plan for your future.  You need to have all options considered so that your heirs can be in the optimal situation when that time occurs.  Not having a will, could have a negative impact on my son's ability to maintain his benefit.  It is the least I could do for him.

Related articles

• Protecting More Than Just Disability Benefits with a Special Needs Trust (pattidudek.typepad.com)
• Special Needs Trusts (pattidudek.typepad.com)
• Avoid the Biggest Mistake of Financial Planning for Special Needs Kids (dailyfinance.com)

Planning for the Future

Ever since my son turned 18 years old earlier this year, my wife and I have been busy trying to accomplish several things to benefit him.  Since he is completely disabled, the first thing that we did was to start the process of trying to get him Supplemental Security Income (SSI) benefits through the Social Security Administration.

That adventure took a couple of different turns.  Our first visit to Social Security was scheduled for two months prior to his 18th birthday.  We were originally told that we should apply prior to his 18th birthday so that by the time that it was approved he could start to get benefits right at his birthday.  Once we were in our meeting with Social Security, we were told we should wait until he turns 18 because otherwise they would consider our income when determining his eligibility for benefits.

A couple weeks after he turned 18, we headed back to the Social Security office to apply.  We had filled out the application and answered all of the required questions.  A few short weeks later, we received word that our son had been approved for SSI benefits, which he started receiving in June, albeit at a one third reduction due to their determination that he was receiving in kind support from us.

There are a lot of rules involved with SSI.  One of them is that in order for my son to continue to receive benefits, his total assets have to remain below $2000.  For that reason, we have also had to take some steps for estate planning should anything happen to my wife and I.  As part of that planning, we have had to set up a special needs trust so that any assets would not go directly to our son so that his assets will remain under $2000.

One of the things I was not aware of is that all wills have to go through probate.  I had always heard the horror stories of dying without a will and having your estate go through the probate courts.  It turns out that even with a will, the estate must go through probate in your state.  So, if you are in Texas, you have to through texas probate, and in Maryland, Maryland probate.  Having a will that specify how you want your estate handled makes the whole process easier.  For the sake of your loved ones, be sure to plan for the future.