The term “special needs planning” may sound confusing, but it’s actually a straightforward way to plan for the future of someone with special needs. This article will discuss what special needs planning is when you should consider it, and why working with an experienced estate planning attorney can make all the difference as you go through this process.
Who needs special needs planning?
You should consider special needs planning if you have a family member with special needs or who is at risk of needing long-term care.
You may also want to consider this type of planning if you have a child or grandchild who has a disability, chronic illness, and other challenges that require extra attention and financial support.
What is a special needs trust?
A special needs trust is a legal arrangement that allows an individual with a disability to receive financial benefits. The purpose of such trusts is to provide for the future needs of someone with disabilities and prevent them from losing their assets through government programs like Medicaid or Supplemental Security Income (SSI).
Special needs planning can help ensure that your money isn’t depleted by these programs, which would leave your loved one without any income once they turn 65 years old. A qualified attorney will work with you and your family members to set up this type of trust so that it meets all IRS requirements for establishing tax-free status.
Why should I choose a special needs attorney for my special needs planning?
You should choose a special needs planning attorney for your special needs planning. Special needs attorneys are trained to handle these types of cases, they have experience with the laws around special needs planning, and they will be familiar with the local laws and regulations. A qualified attorney can help you navigate the legal system in order to create a plan that works best for your situation.
There is no substitute for working with a dedicated and experienced estate planning lawyer.
There is no substitute for working with a dedicated and experienced estate planning lawyer. Special needs attorneys have experience in working with the court system, the government, private foundations and other organizations that can help your loved one with their special needs. They understand what agencies are out there and how to get them involved.
Conclusion
If you have a loved one with special needs, it’s important to understand how their needs will be met in the event of your death and the implications of not having a plan in place. A special needs attorney can help you navigate this process and make sure that everything is taken care of so that your family doesn’t have to worry about anything when they are grieving.
