About one out of every 44 children in the United States has autism spectrum disorder (ASD). The condition varies significantly from individual to individual. However, some of the most common symptoms of autism include difficulty with social interactions, communication, and behavior. Just over 30 percent of people with ASD have an intellectual disability.

If your child has ASD and requires extra help, you know that this can be quite expensive. It is important for parents of children with autism to plan for their children's long-term financial security. A special needs trust is one way to do just this.

How Does a Special Needs Trust Work?

If your child is nonverbal or struggles to complete everyday tasks, he or she may need significant care and assistance. What happens when you are no longer around to provide this assistance or provide financial support to your child?

Most people wrongly assume that drafting a will is all there is to estate planning. However, there are several other estate planning instruments that can be greatly beneficial in the event of incapacitation or death. A power of attorney is one such instrument. A power of attorney is a document that grants someone else the authority to handle your financial and medical affairs in the event of your incapacitation. If you suddenly became extremely ill, who would you want to speak on your behalf? Answering this question is rarely easy, so it is important to weigh your options and choose carefully.

Power of Attorney for Finances

Appointing a person as power of attorney for finances authorizes them to make financial decisions on your behalf. This could mean anything from writing checks, to accessing bank accounts and making investments. When selecting someone to be your agent in this capacity, consider the person’s trustworthiness, ability to manage money responsibly, and willingness to act in your best interests. Choose an individual who will be able to competently manage your finances, pay bills on time, make responsible decisions regarding investments, and communicate with financial institutions on your behalf if needed.

Power of Attorney for Healthcare

A power of attorney for healthcare grants someone the authority to make medical decisions on your behalf in the event that you become incapacitated. When selecting an agent for this purpose, choose someone who is knowledgeable about you and understands your wishes regarding end-of-life care. It is important to select a person who will respect your wishes even if they conflict with their own personal beliefs. It may also be useful to select a person who is familiar with the healthcare system, so they can make decisions quickly in an emergency.

The pandemic has made many of us more acutely aware of our own mortality.  It has also forced us to confront the difficult question of what our end-of-life wishes would be if we were to become seriously ill.

A living will is a legal document that allows you to spell out your preferences for medical treatment in the event that you are unable to communicate them yourself. Creating a comprehensive estate plan, including a living will is important regardless of your current age or health.  It is especially important if you have a chronic or terminal illness, or if you are over the age of 65.

What Does a Living Will Cover?

A last will and testament describes how your earthly possessions are distributed to heirs. A living will, on the other hand,  is all about your healthcare and treatment preferences. It allows you to make decisions in advance about the kind of medical care you would or would not want to undergo if you were extremely sick. This spares your loved ones from having to guess what your wishes are.

The last will and testament is the fundamental estate planning document. However, there are many other estate planning tools that can better meet unique financial needs and personal objectives. Unlike a will, a trust is a separate legal entity that can own assets and distribute them according to the terms of the trust agreement. A key advantage of a trust is that it can help avoid probate, which is the legal process used to validate a will and distribute a deceased person's assets.

There are two main types of trusts: irrevocable and revocable. As the name suggests, an irrevocable trust cannot be modified or revoked once it has been created. A revocable trust, on the other hand, can be modified or revoked at any time by the grantor, as long as they are alive and competent. Both types of trusts have their own advantages and disadvantages that should be considered before deciding which is right for you.

Advantages of an Irrevocable Trust

Asset Protection - One of the main advantages of an irrevocable trust is that it can protect your assets from creditors and lawsuits. Once you transfer assets into an irrevocable trust, they are no longer legally owned by you. This means that creditors cannot go after them to satisfy your debts.

Estate planning is important for anyone of any age or health. Unfortunately, life is nothing if not unpredictable and none of us know what day will be our last. Although it can be an uncomfortable topic to think about, planning for the possibility of incapacitation and death is crucial to protecting your loved ones and ensuring your final wishes are fulfilled. A living will is an advanced directive used to describe your decision regarding end-of-life care and other essential matters.

A Living Will Ensures Your Medical Wishes Will Be Followed

Most people are familiar with a last will and testament. A will is used to describe how property should be distributed to heirs after someone passes away. However, fewer understand the purpose of a living will. A living will is a document that spells out a person’s wishes regarding medical care at the end of their life. If a person is in a coma, suffers from dementia, or has other disabling medical conditions, he or she may not be able to communicate with doctors and loved ones. A living will is used to make medical decisions about end-of-life care in advance, so there is no question about the types of medical care an individual should receive.

A living will may be used to specify your wishes regarding: