Not all families are the same, and not all families have the same needs when it comes to estate planning. Under certain circumstances, special needs planning may be required to ensure assets are properly protected for the future care of family members who are entitled to certain government benefits. Such circumstances typically include the care of an elderly or disabled family member or a child with special needs.
Why a special needs trust?
Unfortunately, without proper estate planning advice, family members with special needs can be left without the proper care due to government benefit limits and income requirements. Inheritances, settlements, and monetary gifts can cancel out government benefits, leaving your loved one on their own to handle not only their care, but also their finances. A special needs or supplemental needs trust allows parents and caregivers to set aside money to be used for the future care of their loved one while still protecting their eligibility for government benefits, including Medicaid and Supplemental Security Income. There are many options available for ensuring the financial stability and long-term care of a loved one with special needs and we provide one-on-one counsel to address your specific situation and long term needs.
Due to complex and changing regulations, professional estate planning help is critical when preparing for the future of a loved one with special needs.