Planning For Those With Special Needs

Families who have a family member with a disability must plan for the future very carefully. How assets are left after your death can have a tremendous impact on the quality of life for that person.

In the past, a will may have been enough, but times have changed. To protect a person with special needs, a well-defined estate plan is vital. For such individuals, a special needs trust is an ideal legal tool that provides them with a lifelong financial safety net without disturbing eligibility for vital government benefits. Assets held in a special needs trust are not counted when determining eligibility for such government programs as Supplemental Security Income (SSI) and Medi-Cal.

Assets held in the special needs trust are used to supplement public benefits and pay for items and services that the public benefits system is unable to provide. For this reason, no trust is more important than a special needs trust.

How A Special Needs Trust Works

A special needs trust allows an individual, a parent, grandparent or guardian to provide funds for a disabled child without disrupting the child's eligibility for government aid. Setting one up is a fairly simple process. Important points to remember while investigating the use of this estate planning tool are:

  • Decide on an appropriate guardian for your child
  • Determine who would be a suitable Trustee(s) to manage the trust's assets and supervise your child's finances
  • Outline instructions for your child's education, housing, personal and emotional needs

Our law firm helps families address the financial, legal and social aspects of a person's life to develop an effective plan for the future. Our goal is to ensure that their needs are met and that they have the opportunity to expand their horizons and follow their dreams.

Protect Current Public Benefits And Plan For The Future

What will happen when you are no longer able to give the care to your loved one? You can leave property to your loved one, of course, but doing so without careful planning will almost certainly jeopardize his or her ability to receive benefits under the Supplemental Security Income and Medi-Cal programs. If the right legal arrangements are not made by you, government benefits won't be available until all of the inheritance is used up.

A Special Needs Trust will allow the government benefits to be protected while the inheritance can still be used to supplement the care costs and needs of your loved one. We will explain how special needs trust works. It takes work, but once it is all done, you will have the peace of mind knowing that your loved one's benefits will be protected.

Serving Redlands And The Surrounding Regions

Call 800-409-6271 or contact us online to schedule a strategy sessions. Let one of our team members answer your questions about special needs trusts.