The Importance of Beneficiary Designations for Families with Special Needs Children

Beneficiary designations are a crucial—and often overlooked—part of estate planning. For parents with special needschildren, updating your beneficiary designations is of particular importance. A beneficiary designation is a way for you to designate how an asset will be distributed upon your death. Two common types of assets that allow you to designate beneficiaries are life insurance and retirement accounts, such as an IRA or 401k.

Special needs planning necessarily includes one or more special needs trusts, and failure to update your beneficiary designations to reflect these trusts can have severe consequences, such as jeopardizing your child’s eligibility for public benefits. When a special needs child inherits assets outright while receiving means-tested public benefits, often the only way to reestablish benefit eligibility is by moving the assets to a First-Party (OBRA ‘93) Trust. This is carried out through a time consuming and expensive court process known as a Single Transaction Conservatorship. In addition, an OBRA ’93 Trust by definition includes a Medicaid payback provision, so after the death of the child, the state is reimbursed from the trust up to the amount of benefits paid during that child’s lifetime. If there is anything

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