Special/Supplemental Needs Planning
Advanced planning can ensure that no matter what happens in the future, your financial and medical needs, or those of a loved one, will be met. A special needs trust, also sometimes known as a supplemental needs trust, is an important estate planning tool for individuals with a disability or life-long disease, who will require continuing support and care in order to maintain their quality of life and comfort. If you are concerned about your future needs, or wish to ensure that your loved one will be taken care of when you pass away, please contact the Estate Preservation Law Firm to find out what you can do to pave a path for lifelong protection and peace of mind.
What Is A Special Needs Trust?
A trust is defined as a legal arrangement in which assets are transferred to a trustee who will hold and manage the assets on behalf of a beneficiary. A special needs trust can provide supplementally for an individual with a disability or ailment requiring life-long care, without affecting their eligibility for needs-based government benefits. It is important to set up a special needs trust if you have a family member, such as a child, sibling, or elderly parent, who relies on you as a caregiver or source of financial support. A special needs trust can also be set up for yourself if you have a condition that may worsen over time and impact your ability to manage your personal financial affairs in the future.
Why Do I Need A Special Needs Trust?
A special needs trust is appropriate for parents of children with special needs arising from a disability or life-long illness. If you have a loved one with special needs, you may find yourself frequently worrying about their continued care and financial comfort in the event of your death or incapacitation. Who will take over their care and how will they be provided for? Estate planning allows you to make important decisions regarding these matters ahead of time and ensures the smooth and orderly assignment of guardianship or conservatorship, as well as the timely distribution of your assets, when you pass away. With a special needs trust, you can set aside assets to specifically provide for the financial and medical needs of a disabled child.
Who Will Manage The Trust?
A reliable trustee of your choosing or fiduciary will manage the assets to ensure they are not misappropriated. Our estate planning attorneys will work with you to find the best way to make sure your loved one is protected and properly cared for. Setting up a special needs trust can prevent confusion and legal disputes over the inheritance and guardianship of your loved one in the event of your death or incapacitation.
Where Can I Learn More?
Many people hesitate when it comes to estate planning due to a lack of information and knowledge regarding the topic. At The Estate Preservation Law Firm, we provide ongoing education to our clients to help them find a path to lifelong protection and peace of mind for both themselves and their loved ones. You can contact us to schedule a consultation to speak directly with our experienced estate planning attorneys to learn more about your options.