Children with Special Needs require a bit more care. So it follows that estate planning with them in mind requires a bit more care as well. Children with Special Needs may be eligible for government assistance such as Supplemental Security Income (SSI) and Medicaid Programs. However, these programs only provide for the bare necessities.
Unfortunately, if parents leave an inheritance directly to their child with special needs, the child runs the risk of losing their eligibility for public assistance. In order to ensure that a child with special needs gets the public assistance, but also has the benefit of the parents’ inheritance the inheritance must be put in a “Special Needs” or “Supplemental Needs” Trust. The Special Needs Trust can be used for a variety of life-enhancing expenses without compromising public assistance eligibility.
If you have a loved one with special needs, our firm will be happy to help you set up a special needs trust to ensure that your loved one is protected.