Special Needs Trusts are an exceptional legal vehicle used to protect loved ones with disabilities. When a parent has a dependent child with special needs, a Trust should be established to protect the child’s financial security. Without a Trust set in place, any assets left to the child will essentially become government property. The dependent child will not only be subject to losing his or her government benefits, such as Medicaid or Supplemental Security Income, but any inheritance received by the child will also endanger his or her medical coverage. Special needs planning can provide the solutions needed to secure the future of the dependent child.
Extensive Experience in Special Needs Planning
Planning for a person who has special needs and requires special care and attention is important. Understandably, when parents have a loved one with special needs, they will want to ensure their disabled relative continues receiving the proper care and attention needed even after they are no longer alive. With the support of a professional and experienced attorney, drafting the right Trust will ensure the loved one continues getting the proper care he or she needs.
Alex Carr Law, LLC can help you plan accordingly for the future care of your loved one. With compassion and dedication, Alex Carr Law, LLC can help you set up a Trust that can continue providing for your child even after your passing. To learn more about ways in which you can continue protecting the interests of your child with special needs, consider scheduling a no-obligation consultation with Alex Carr Law, LLC today.
Is Special Needs Planning Necessary?
It is important to consider special needs planning when a loved one will be receiving financial support. When a disabled loved one is set to inherit assets, it is never a good idea to leave cash and other assets to him or her as this could result in his or her loss of important government-issued benefits. When an individual with special needs receives compensation from an injury settlement, through inheritance, or some other form, this could lead to serious problems that can affect the disabled person if a Trust is not set in place.
The problem is that a vast majority of people who are disabled rely on government programs that provide them with not only medical care but income as well. Programs such as Medicaid and Supplemental Security Income (SSI) were designed for disabled people who have a low income and very few resources. With SSI, disabled people can obtain financial support, which can be forever lost if a monetary gift is provided that sets the disabled person above asset limitations.
When a disabled person is not receiving government aid, setting a plan can still be beneficial. For instance, many individuals with special needs are not able to manage property and other assets. By gifting a disabled loved one with property and/or assets, this could burden the individual and lead to mismanagement of the assets and property. Through a Trust, however, it is possible to structure the gift in a manner that will ensure the assets are effectively managed and utilized as it was intended.
Speak to a Proficient Special Needs Planning Attorney Today
Many people who have severe impairments or are disabled may not be able to work and support themselves; therefore, they cannot be financially independent. Families with loved ones who have special needs will often turn to gift-giving monetary funds to ensure their loved ones continue to be cared for. Regrettably, gifting money without a plan may not be in the best interest of the disabled loved one. To ensure the monetary gift does not become a burden for a loved one, speak to a well-versed attorney who can help.
Alex Carr Law, LLC is well-versed in Special Needs Trusts. The firm is prepared to assist you in drafting a comprehensive Trust that ensures your loved one receives the proper care and support. Alex Carr Law, LLC is available for a no-obligation consultation to provide you with tailored legal counsel. Consider contacting the law firm today to schedule your no-obligation consultation.
