Providing for a loved one with special needs can be challenging; planning for how to provide for them when you are gone can be even more challenging. Most families are unaware of the public benefits available to them and attempt to use typical estate planning strategies to plan for their loved one with special needs. For instance, some parents mirror the common estate planning technique of naming their children as beneficiaries of an inheritance. However, if a child with special needs receives an inheritance like savings accounts, investments, retirement plan benefits, an insurance policy or annuity, they will likely have a reduction or elimination of public benefits. In an attempt to avoid making a financial mistake, some parents make the difficult decision to disinherit their special needs children.
Our firm has experience working with parents and grandparents to create a Special Needs Trust. A Special Needs Trust allows a parent or grandparent to transfer assets into the trust for the benefit of the special needs loved one. As long as specific provisions are drafted into the document, the assets transferred into the Special Needs Trust can be used to provide for the needs of your loved one while allowing them to maintain their governmental benefits, including Supplemental Security Income (SSI), Social Security and Medicaid. This avoids tragic results while providing for your loved one.
Contact The Law Offices of Ron Feinman to learn the best way to provide for and protect your loved ones with special needs.
Do you have questions about protecting your home and family or your long-term care? Let us guide you to the solutions you need.