Planning for Special Needs
Parents of children with disabilities are usually faced with complicated legal and financial issues when they plan for the future. Leaving an inheritance directly to a person who is receiving governmental benefits such as SSI or Medicaid would likely compromise their continued eligibility. You can avoid unintended consequences with careful estate planning that protects the welfare of children with special needs.
Consider allowing us to draft a Special Needs Trust for you. This type of trust has many benefits:
- Assets are held in the trust for the benefit of the disabled person
- A trustee is named to manage the assets of the trust on behalf of the disabled person
- Trust assets can pay for supplemental items governmental benefits will not cover such as:
- Home purchase
- Special wheelchairs, beds or equipment
- Handicap-accessible vans
- Vacations & leisure activities
One method of guaranteeing there is sufficient money to fund a Special Needs Trust is the purchase of life insurance when the disabled child is young. The death benefit provides a financial legacy for the child’s continued welfare long after the parents are gone.
We can assist in creating and funding a trust that will ensure your loved ones with special needs are cared for, even if you can no longer look after them. Please don’t hesitate to contact us to help you decide what’s right for your situation.