Specialized Estate Planning for Disabled Dependents

The Keys to Lifelong Support!

Estate planning takes specialized knowledge when you’re considering disabled dependents who will require support for their lifetime. 

How can we pay for the specialized care required for our child?

Who will take care of my child when I’m gone?

When my child becomes an adult, how will he manage his finances?

 Whether your child has autism, an intellectual or physical disability, chronic illness, or a traumatic brain injury, proper planning now ensures that all family members will be cared for long after your passing.

When Beth Morgan met Carol Trickett, her incessant fears about her son’s future subsided.  Twelve-year-old Jake was diagnosed with autism as an infant and would never be able to live on his own.

Armed with tools and resources to help families living with disabilities, the solutions offered by Carol were exactly what Beth and her son needed to relieve the stress and overwhelm of an uncertain future.

Carol developed an accurate picture of Beth’s current net worth and listened carefully to Beth’s stories about her family’s needs, hopes, and dreams. She then created a flexible, step-by-step plan that put Beth in a better financial position to prepare for her son’s future.

•       Carol assisted Beth in completing the complex government forms.
•       Beth’s will was updated to clearly define her intentions.
•       For the first time, Beth considered who to select for trustee, a substantial responsibility as she wanted to ensure her wishes would be effectively carried out.
•       Carol gave Beth information about how the Ontario Disability Support Program interacts with other services. The ODSP replaces income due to disability for those 18-65 who are not able to work at full capacity.
•       The nuances of the Disability Tax Credit (DTC) were fully explained to Beth and Carol helped her apply for it as it would not only offer a credit on her income tax but also because it is a requirement to apply for the Registered Disability Savings Plan.
•       The Registered Disability Savings Plan (RDSP) is a tax deferred savings plan for participants who qualify for the            disability tax credit and it does not interfere with government assistance programs. This plan offers substantial grants and bonds depending on family income. Carol showed Beth how to avoid grant “clawbacks” and get the most from the plan.
•       As a liaison, Carol introduced Beth to a lawyer who was able to set up a Henson Trust for her son. Created for                disabled people, the trust protects assets while collecting government benefits. This ensures that any asset Beth wants to leave her son will not interfere with ODSP.
•       Upon the lawyer’s recommendation, Carol set up an insurance policy, which will fund the absolute discretionary trust.

Carol continues to meet regularly with Beth, walking her through the ongoing process of reviewing her investments, answering questions, and making recommendations.

Beth and many families in similar situations are grateful to Carol for her guidance and recommendations.

If you have a disabled dependent requiring lifelong support, contact Carol Trickett today.  There is never any obligation.  One call could remove the uncertainly in your life.