Ensuring Future Care for Family Members with Special Needs
In our investment discussions, we delve into much more than just the numbers — we also talk about family. And usually, it’s about making sure all family members are well taken care of, particularly those with special needs. This has come up several times recently so I want to highlight a key estate planning strategy you may want to know about -
The Henson Trust, a valuable tool for securing the financial future of loved ones who have special needs.
This trust allows you to leave assets to a loved one with disabilities while protecting their eligibility and access to government benefits. It’s a strategic and compassionate approach to supplementing the support they already receive.
Why a Henson Trust Might Be a Good Match for Your Estate Plan
Protecting Benefits: It ensures that an inheritance doesn’t interfere with the government assistance your family member relies on.
Financial Comfort: The trust can finance additional needs, from medical equipment to educational services, enriching your loved one’s quality of life.
Control and Discretion: You appoint a trustee to make informed decisions, adapting to your loved one’s needs over time.
A Henson Trust can be funded not only through a will but also through life insurance policies or other financial instruments to provide a more tailored approach to future planning. The trust arrangement can also have tax implications that should be discussed with a tax advisor or accountant to optimize the beneficiary's financial position.
Does This Apply to Your Family?
If you’ve been pondering how to best provide for a family member with special needs within your will or estate plan, a Henson Trust deserves strong consideration. A conversation with your lawyer can provide clarity on how a Henson Trust can be woven into your current estate plans to ensure that it aligns with your family’s needs and goals.
While the Henson Trust is a recognized estate planning tool in Ontario, the specifics can vary based on provincial regulations. Consulting with a local lawyer ensures your trust is set up in alignment with Ontario's laws and is tailored to your family's unique needs.
If you feel ready to take the next step, please schedule an appointment with your lawyer to discuss how this trust could serve your family's specific situation.
Ensuring the well-being of our family members is always a top priority, and with thoughtful planning, we can help achieve lasting peace of mind. As always, we are here to support you in these important decisions and to integrate them into your comprehensive financial plan.