The very human desire to not think about uncomfortable things is understandable. However, when it comes to estate planning, people not only have to consider death, in some cases, they also have to think about a different kind of life. Your estate and estate planning documents are as subject to change as anything else in your life. And if you did not consider the possibility of living with a disability in your estate plan, you can alter it.
Disability planning is a part of estate planning because it is important to have sufficient resources should you become incapacitated in any way. And let’s be clear, disability planning is not just about old age; life with a disability can start at any age. One common tool used to provide in these circumstances is a revocable living trust.
You do not have to wait until you reach retirement age to create an estate plan and an estate plan created at any age needs provisions for disabilities.
Another angle to this issue is the estate planning and preparation work parents, guardians, and caretakers of someone with a disability must undertake. These caretakers have to plan for their own future with an eye to making sure that the person in the care can live comfortably in the future. Estate plans created for this circumstance can include a special needs trust (SNT). An SNT is used to make sure that a person with special needs does not lose eligibility for Medicaid and Supplemental Security Income because of an inheritance that puts them above the caps set for these programs. People with a disability who cannot earn a living will need the funds from those programs as well as anything they inherit.