Caring for aging parents and loved ones with disabilities
We understand the care of a disabled loved one is one of the most important obligations any of us will ever have. But planning for an aging parent or disabled loved one’s special needs can be very challenging because there are many things to consider and problems to guard against.
Having worked with countless families, our attorneys have both the legal expertise, and empathy, to craft custom solutions that will protect your family’s interests, now and into the future.
Why You Need A Special Needs Trust
A Special Needs Trust is a way for you to insure that the needs of disabled loved ones are taken care of after you are gone. There are two main reasons to set up this trust:
- Personal Planning- Often the disabled person is not able to make decisions about financial needs on their own. Appointing a trustee to manage these affairs, when you no longer can, will ensure that he or she will know what you value for your loved one’s future care. It will also insure that those wishes are taken care of, when the time comes, because they will have been a part of the decision making process.
- Government Benefits- Many times a disabled loved one receives government benefits that are crucial to maintaining their healthcare and daily living needs, as well as a degree of independence. A Special Needs Trust can provide them with additional money without disqualifying them from these valuable government benefits. The money held in trust can provide essentials that improve their quality of life such as travel expenses, cell phone, cable TV, internet access and many other things not provided by government benefits programs.
Other Situations Where A Special Needs Trust Is Beneficial
Having more than $2000 dollars in assets will disqualify a disabled person from receiving government benefits. Therefore, an inheritance or settlement from a lawsuit must be placed in a Special Needs Trust or benefits may be lost. This trust keeps you, or your loved one eligible to receive government benefits and shields the money so you can use it for other essentials that public benefits do not cover. Here are a few examples where this type of trust is advisable: