When you have a loved one with special needs, and you are considering planning your estate, you should consult an estate planning lawyer for personalized advice. Estate planning for families with a special needs family member can present a unique set of challenges. If left ignored, should you and your spouse die, significant problems may arise and require extensive amounts of money, time, and dedication to resolve them.
An estate planning lawyer can help you to create a special needs trust. This trust will help your loved one to receive public benefits in addition to private funds. The reason for creating this trust is that if you leave a large amount of benefits to your loved one, they could be disqualified from public funds. Whereas, a special needs trust can prevent this from happening.
Estate planning lawyers know how important it is to provide for your family – even after you pass away. We also know there are a number of challenges that tend to come along with the estate planning process when a special needs individual is involved. Our firm can help you to create a trust that is tailored to your own personal needs and those of your loved ones.
The Benefits of a Special Needs Trust
One of the primary benefits of a special needs trust is the ability to leave your loved one asset’s without disqualifying them from public assistance. A trust, unlike a will,:
- Is managed by a trustee,
- Is private rather than public,
- Does not have to be probated,
- Is not considered when the government is determining eligibility, and
- Provides protection over future funds.
How a Special Needs Trust Can Be Used
A special needs trust is intended to assist your loved one in maintaining their quality of life, that you may have provided to them, after your death or incapacitation. They can also provide for things that the government assistance may not; for example:
- Physical therapy
- Private insurance
- Medical care
- Basic expenditures
- + More
A special needs trust offers a lot of liberty in terms of how the funding can be used; however, there are things that cannot be included in the trust. Often, these things include what government assistance is covering, such as rent, utilities, or food. Before you begin to draft a special needs trust, you should consult an estate planning lawyer in Melbourne, FL
Call an Estate Planning Lawyer
A special needs trust can give your loved one access to money that they do not get from their public assistance. If you do not have a special needs trust set up, and you have a special needs family member, whether they are a minor or an adult, you should consider beginning this planning process.
Thanks to The Law Offices of Arcadier, Biggie & Wood for their insight into estate planning.