Smart Planning, for Stress-Free Living

My Ohio Estates has many years of experience in special needs planning in Cleveland Ohio. Special needs planning is a unique vehicle for protecting loved ones with incapacities. The firm provides knowledgeable guidance in the creation of a trust, as well as the resolution of other complex legal matters that are unique to families who have loved ones with special needs. A great source of concern for families with special needs children or adults is how the loved one will be cared for following the provider’s death.

With the compassionate and committed support of My Ohio Estates, alleviating this stress is attainable through a carefully crafted plan. Together, the firm can help you prepare for the comfort and security of your loved one. My Ohio Estates understands that there are a number of ways in which this goal can be accomplished, however, planning that concerns special needs should be done properly in order to protect the assets and loved ones, even after death.

At My Ohio Estates, it is easy and free to speak to an attorney. If you are concerned with the future of your loved one and are unsure with what step to take, My Ohio Estates can help bring you peace of mind. Schedule your complimentary consultation by contacting the firm today.

Creating a Will Isn’t Always Enough

Families who have a disabled dependent should consider establishing a trust in addition to a will. When bestowing assets upon a dependent with a disability, the assets could become government property and the special needs dependent could lose his or her government benefits, such as Medicaid or Supplemental Security Income. In addition, any money inherited can also endanger his or her medical coverage. The remaining funds could be quickly depleted once all of the benefits are gone. Disinheriting a loved one with special needs is also not a better option.

In this situation, creating a trust can present a better outcome for a person with special needs, as trusts can be specifically designed to meet the needs of the disabled person without jeopardizing their government benefits. Also, creating a trust is one of the few ways in which a person can avoid the challenges often presented by a will. When a trust is properly drafted, the assets left behind will supplement the dependent’s existing benefits, not replace them. Any money, property, or other assets left behind can be used for personal items, additional medical treatment, services, as well as other things that can help enhance the dependent’s quality of life, just as it was originally intended.

Why Estate Planning is Essential for Individuals with Disabilities

According to a publication from Ohio’s Developmental Disabilities Council, special needs planning is financial and estate planning when the matter involves a person with a disability. Special needs planning involves making a plan for the future of assets, establishing a guardianship, and setting alternatives to a guardianship.

For a majority of individuals with disabilities, maintaining eligibility for their government benefits, such as Supplemental Security Income (SSI) and Medicaid, is essential in order to maintain quality of life. Unfortunately, many government-issued benefit programs limit the number of assets a person can have. For people who have a loved one with a disability, estate planning can help ensure their loved one can be supported with additional funds, not hindered.

Creating a Special Needs Trust Can Be Beneficial

Special needs trusts allow for over-the-limit assets to be available for the care of a person with a disability without jeopardizing the person’s eligibility for government-issued benefits. A trust is a legal document in which one individual leaves property or assets to another person, referred to as a trustee, to be used for the benefit of a beneficiary, like a charity, pet, or other people. A trust can provide flexibility to each party, and the instrument provides specific instructions on how the assets should be utilized.

When it comes to special needs trusts, these trusts are designed specifically for the benefit of individuals with disabilities. Special needs trusts will allow for the assets contained in the trust to not be counted as a resource, and ultimately against the resource limitations of a special needs individual. When there is a resource limit in the government-issued benefit qualifications, the special needs person will still be eligible to receive benefits.

Special needs trusts can provide a sense of protection for the eligibility requirements for government-issued benefits. The trust accomplishes this by supplementing the benefits, rather than replacing them. The trust also allows for funds to be used at a later time for assistance programs in which the special needs individual may later seek.

The main purpose of a special needs trust is to cover things that public benefits do not cover. This can include trips to see family members, educational tools, reading material, passes to parks, concert tickets, training, over-the-counter medications, rehabilitation, treatment, entertainment, recreation, consumer goods, and more. A well- executed special needs trust can serve as a safety net to a special needs person throughout his or her life.

Plan for the Future of Your Loved One Today – Speak to a Qualified Trust Attorney Serving Cleveland Ohio

A person with special needs can depend on government benefits for many different reasons, and unfortunately, an inheritance can sometimes disrupt benefit qualification. It is never a good idea to leave the future of a loved one with special needs unresolved or under the responsibility of another person. With the support of a qualified attorney, it is possible to take care of the needs and future of a loved one.

My Ohio Estates is skilled in Ohio special needs planning. The firm excels in helping create personalized plans that preserve government-issued benefit eligibility while ensuring a special needs person obtains ongoing support. If you would like to learn more about how a special needs trust can benefit you and your loved ones, consider scheduling a complimentary consultation with My Ohio Estates today.