Making end-of-life plans is always a daunting prospect. That is especially true for those with a disabled child. While customary estate planning may be challenging, the extra task of arranging for the care of a special-needs dependent can seem overwhelming. To best safeguard their child’s future, parents in this circumstance are wise to seek the advice of an estate attorney with expertise in developing plans for disabled dependents.
When you have a dependent with special needs due to a birth injury or similar cause, that child qualifies for benefits. There are programs to help alleviate the costs of lifetime care for that child. What you need is a long-term financial plan that ensures those benefits remain. That is what we want to do to help your family.
Any of several basic approaches will allow your disabled child to remain eligible for Medicaid and other federal and state assistance programs. One such approach is to set up a special-needs trust as part of your will. This type of trust serves as a vehicle for holding money allocated for the child. Plus, it enhances a disabled adult’s well-being without jeopardizing his or her qualifications for government aid programs. By and large, trusts established for special-needs dependents are set up uniquely from others. They state that none of the trust money can be allotted for food, clothes, and shelter. Those are all paid for through government assistance. The money, instead, goes towards amenities not supplied by government programs. That can include recreation, travel, and hobbies.
In order to create a special-needs trust, you will need the informed guidance of a financial planner. They need to focus on special-needs concerns to help the most. Plus, you will need an estate lawyer who is up to date on state laws regarding provisions for disabled children. The laws in each state vary, so professional help is especially important in this area.
For knowledgeable and caring guidance in setting up a will that includes a special-needs trust, get in touch with Grewer Law Group, PC today. We can extend a free consultation to discuss your situation in-depth. We look forward to helping you guarantee a safer and more secure future for your child.
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