Special Needs Planning
Proper planning speaks for those who cannot speak for themselves. If there is no information for the care of the person with special needs or the proper documents are not prepared those who take over the care of your son, daughter or other loved one are going to have a difficult time trying to figure things out.
Special Needs Planning is a greater necessity today than ever before. Advances in medical and social treatment for people with developmental disabilities have increased their life expectancy. Greater longevity for the person with special needs creates a greater need for parents or caregivers to do proper planning that incorporates daily routines and needs as well as special needs trusts for future financial needs.
Special Needs Planning plays an important role in the daily living of the person with special needs, as well as planning for when the primary care providers are no longer able to care for them. You would not go out for an evening without making sure that whoever is caring for your loved one with special needs knows what to do, how to do it, and how to reach you in an emergency. What would happen today if you were unable to provide care for an extended period of time or permanently? We have the answers to your questions. Please contact us today so we can help you protect your loved ones.
What will happen if you don’t plan?
No Wills – No Special Needs Trust – No Letter of Intent
No Government Benefit Planning – No Budgeting
The Good News – The government has a plan for you.
The Bad News – The government has a plan for you.
- Your children will have Guardians, Trustees, and Conservators appointed by the State in which they live.
- Your estate will be distributed according to the wishes of the State, not yours.
- If any assets that are received in the name of the person with special needs exceeds $2000, they will be ineligible for SSI (Social Security Insurance) cash benefits and Medicaid.
- Assets received in the name of the person with special needs are subject to immediate repayment to Medicaid for healthcare benefits previously received
- Medicare may be the only healthcare benefit the person with special needs receives which does not offer the same benefits as Medicaid.
- Assets left to others to care for the person with special needs could be lost to creditors, litigation, divorce or their death. There is no guaranteed security or protection.
- Support provided by others for the person with special needs could be considered income and/or assets reducing or terminating SSI and Medicaid.
- Not all assets pass through a Will. If you fail to make the necessary beneficiary changes and designations, your life insurance, retirement plans, and annuities could pass directly to your person with special needs in his or her name resulting in termination and payback for government benefits.
- Without written information explaining the day-to-day care needs of the person with special needs and what your goals and wishes for their future care are, providers will only be able to do what they think you want not necessarily what should be done.
The future guardianship of your child with special needs is a planning issue to discuss now. The law provides for all people who reach age 18 to be considered an adult. This means parents no longer have legal authority on behalf of their child, even though they may have special needs. This can be remedied with the proper planning. Parents need to know their legal options for continuing to provide the appropriate care and supervision for their child. However, if family members do not make provisions for the supervision, care and security of the person with special needs the courts will make important decisions regarding guardianship, trustees, and the distribution of assets.
We can help with your special planning needs.
we assist individuals and families with the complex process of protecting and providing for your disabled loved one.