Best way to secure our special needs grandchilds financial needs

[Cephas40]

Originally Posted by Paka

We are blessed with wonderful kids and grandkids, but have one precious little one who has special needs.

At 4 1/2 yrs of age, it is becoming painfully apparent his needs will more than likely be life long requirements.

My husband and I want to ensure that we MAXIMIZE what we have in the way of inheritance for his future needs. Any suggestions where/how to start???

All the other kids understand that his NEEDS come before the"windfall" of those without needs when we pass, and are onboard...but I need to know, is it best to set up things in our will as a trust for him, any way we can minimize taxes and ensure that the money/resources left for his care and needs are "protected" from "processing" costs?

Any suggestion from anyone having dealt with this issue is most appreciated. While he is not eligible for SSI now (too young and parents make over the threshold for income), as he ages out he should become eligible unless a miracle were to occur. (non-verbal, autistic)

Just need to ensure we are doing this "smart" and not cutting him off from services that he might otherwise be eligible for.

We have a similar situation, and did a Special Needs or Supplemental Needs Trust. This is essential if the child is on SSI for once their assets are over a measly $2000 they can lose all benefits-financial and health insurance. I recommend you contact ARC, that's what we did. In Oregon they had an affordable pooled trust option that worked for us. They may have something similar in your state. ARC will even walk you through the entire process. The Arc Oregon - OSNT Overview

One word of caution-do not have a family member in charge of the trust funds.