How To Leave Assets For Your Special Needs Child
Estate planning for a family with special needs children comes with a complex set of financial, social, and medical issues that some lawyers are ill-equipped to handle.
The Law Office of Aisha M. Williams is dedicated to ensuring your child with special needs will be well taken care of when you are no longer able to serve as their primary caregiver.
We offer a variety of estate planning tools and strategies designed to accommodate the unique circumstances presented by children with special needs and their families.
We can help you pass on the financial assets needed for your child to live a rich quality of life without jeopardizing their eligibility for government benefits. We will also assist you in finding and appointing a trusted guardian and/or trustee to look after them in the event of your death or incapacity. And we will help with locating the best residential opportunities and identifying the best means to pay for them.
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Special Needs Trusts
A typical situation that can arise in estate planning for those with special needs is how to leave enough money to pay for the massive amount of care and support a special needs loved one typically needs throughout their lifetime, while not disqualifying them from government benefits like Medicaid and Supplemental Social Security Income.
Fortunately, we have an estate planning tool called a “special needs trust” designed to provide supplemental financial resources for the physically, mentally, or developmentally disabled child without affecting their eligibility for public healthcare and income assistance benefits.
However, the rules for such trusts are complicated. For example, funds from a special needs trust cannot be distributed directly to the disabled beneficiary, but must be disbursed to a third party responsible for providing the goods and services your special needs loved one needs to maintain a comfortable lifestyle.
Even once you have established a special needs trust, the care and attention we pay to your special needs child is not over. We know that your loved one’s financial and emotional requirements are bound to change over time, not to mention changes to the laws governing public benefits.
Given all of this, it is vital to work with an experienced attorney who can create a comprehensive special needs trust that is both properly structured and appropriate for your child’s specific situation.
Special Needs Planning And Trusts
If you need estate planning for your child with Down Syndrome, autism, cerebral palsy, or any other developmental or intellectual disability, we are here to help you.
We will help you develop a sustainable living plan for your child with special needs that will provide them with the finances they need to live a full life, while preserving their access to government benefits.
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