Estate Planning is especially important for kids with special needs. As a parent, it can be challenging to foresee all aspects of the care your child will require in the future. This challenge is more easily resolved with a professional estate planner who can guide you through all the necessary considerations. Depending on your child’s health and capabilities, an attorney that handles estate planning can help you understand Special Needs Trusts, and avoid potential pitfalls. Here are some things to consider.
Special Needs Trusts
Special Needs Trusts (SNTs) are drafted for a person with a disability to help provide for their long-term care. They can also be used to supplement benefits received through government programs, like Medicaid or Supplemental Security Income (SSI), without disqualifying a person who has a disability from such needs-based programs.
Types of Special Needs Trusts
There are two main kinds of Special Needs Trusts, known as first-party and third-party SNTs. They do have different regulations. So, it’s important to work with a professional to choose the right option for your loved one. Each person with special needs has unique care requirements, but a qualified planner can simplify what may seem like an overwhelming process.
What Can SNTs Pay For?
There are certain things an SNT shouldn’t pay for in order to prevent the loss of public assistance, but it’s best to review those key points with your estate planner. Otherwise, there are many personal expenses that Special Needs Trusts can cover. Some you might not even think about. For instance, training and education, travel, recreation, and medical equipment.
Keep Your Plan Current
A Special Needs Trust is a safe way to distribute assets and safeguard your loved one’s future care. If you need help with your estate planning, please contact Lewman Law at (925) 447-1250. Our office hours are Monday – Friday from 9:00 am to 5:00 pm (PST).