1, He may be able to apply for SSDI if his disability is bad enough. However, if he is capable of working, he may not qualify.
2. You would be wise to in one or more life insurance policies. One term life that would be placed into an irrevocable life insurance trust (to save taxes), and make sure that the trustee (the person handling the money) is different than the person who will be actually taking care of your son (the guardian), if he needs one.
3. You may also want to take out some sort of savings plan life insurance policy that will grow over time. This won't give you the bulk money you may need with term, but will be there if you live past the age of 60, at which point term insurance is hugely expensive or impossible to get
With these two things in place, he should be a least moderately set up to have the financial backing he may need for the rest of his life.
Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale negotiations, and estate planning in Whatcom, Skagit, Snohomish, King and Pierce counties. The response does not constitute specific legal advice, which would require a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter; rather, it is intended to be general legal information based on the limited information provided by the inquirer; it This response also does not constitute the establishment of an attorney-client relationship, which can only be established after a conflict of interest evaluation is completed, your case is accepted, and a fee agreement is signed. Johnson Legal Group, PLLCAsk a similar question
You should consult with an estate planning attorney regarding a possible special needs trust for your son. That will allow him to (continue to) receive government assistance without the need to spend down his inheritance first.
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