If a family has a family member who is incapacitated or has a serious disability a, it needs a good disability plan. If Medicaid is needed, then a Special Needs Trust is advisable. A good estate plan should include special disability planning.
Power of Attorneys and Revocable Trusts are good as legal devices to plan for disability. Those devices are described elsewhere.
Governmental programs that may help the family member with nursing home care, through Medicaid benefits, however it has income and asset limitations. Determining how your property can be left to, or help, your disabled family member, and also maintain governmental eligibility, requires proper planning and documentation. Providing a Trust for some of your assets to be left , managed and used ,after your death, so the property has a tremendous impact on the quality of life for that person and also maintain eligibility for government benefits takes careful planning. .
Special Needs Trust
A Special Needs Trust allows a parent, grandparent or guardian to provide property or income to help a child with a disability without interfering with the child's eligibility for government benefits. Setting one up proper special needs trust or providing a is a fairly simple process. Important points to remember while investigating the use of this estate planning tool are:
- Decide on an appropriate, willing, guardian for your child
- Determine who would be a suitable Trustee to manage the Trust assets and supervise your child's finances
- Provide instructions for your child's education, housing, personal and emotional needs
Special Needs Trust can help with many life sustaining financial assistance expenses for personal quality of life needs, such as:
- travel to and attendance at religious service
- education and tutoring costs
- out of pocket medical expenses, dental and vision expenses.
- trips, travel and vacations
- entertainment and recreation
- meals and dietary needs
- personal attendant
- hair care and cuts and grooming
- magazines, newspaers
- computer, TV, music, cell phone costs
We can help you and your family deal with the financial, legal and social needs of your desire to help your disabled child, when you can no longer do so.