If you have a special needs individual in your family, planning for the future takes on a heightened importance. Gifting assets for the care of your loved one can cause more problems than it solves. Incorporating a special needs trust into your overall estate plan, however, may be the solution. The key is to begin planning early on to ensure that your loved one is well cared for even if you are no longer here to provide the care yourself.
At the Coronado Law Office our special needs planning attorney understands how important it is for you to have a plan in place that covers the care of your special needs loved one. We are committed to helping you develop that plan. Contact us today by calling (540) 300-LAW2 or 540-300-5292 or by completing our online contact form so we can get started today.
Why Special Needs Planning Is Important
Today, a special needs individual is often able to live a relatively independent and productive life; however, assistance from state and federal programs such as Medicaid and SSI is often needed to help defray the costs of special care. Because these programs are need based, a participant cannot have significant income or assets or eligibility will be lost. For this reason, simply gifting assets to your special needs family member is not an option as the gift could jeopardize eligibility for much needed assistance.
The Special Needs Trust
Although assistance programs frequently provide much needed benefits to your special needs family member, you likely wish to supplement that care yourself when possible. Doing so while you are alive is simple. Doing so after you are gone, however, it a bit more complicated. A special needs trust is the solution. Also referred to as a “supplemental needs” trust, it allows you to designate assets to be used to supplement your loved one’s care and lifestyle. When properly drafted a special needs trust will be recognized as such by the state and federal programs that provide benefits to your family member and will not interfere with benefit eligibility.
At the Coronado Law Office we would like to help you provide for your special needs loved one by helping you create a special needs trust. Contact us today by calling (540) 300-LAW2 or 540-300-5292 or by completing our online contact form so that we can decide what other steps you can take in your estate plan to ensure that your special needs loved one is protected now and in the future.
