Estate planning has many benefits that help protect and care for your children. This is especially important when you have a child with a disability or special needs. Special needs planning is not only to set aside money to care for your child if something was to happen to the main provider, but also to set up care for them once they become adults.
One of the ways the parents of a special needs child can plan is by creating a special needs trust. This is a trust that will preserve the beneficiary’s eligibility for needs-based government benefits such as Medicaid and Supplemental Security Income along with other benefit programs that have an asset limit.
To qualify for programs applicants are usually means-tested and benefits can be reduced or denied when income or assets are above certain limits. Medicaid is a government-financed program that the guardians of a special needs child may apply for. If eligible, Medicaid can cover long-term health care for the special needs child and help monetarily with expenses that go along with long-term care and health services. Supplemental Security Income or SSI gives a monthly income supplement to meet basic needs for the special needs child such as food, clothing, and shelter.
Special needs planning is not just to plan and ensure government support, it can also protect the special needs child from lawsuits, healthcare planning, and other debts. It also can ensure that your child is raised the way you intend and receives a proper education and develops independent living skills.
Our team would be happy to assist you with special needs planning and provide advice and suggestions for your plan. Give us a call to schedule a free consultation!
