Are you the parent, grandparent, or caregiver for a child with special needs? If so, estate planning for you should take on a heightened importance for several reasons. Not only do you undoubtedly wish to protect and provide for your child with special needs now, but you may also need to create an estate plan that continues to provide support after your child reaches adulthood. If you are not careful, however, your well-intentioned gifts could jeopardize your child’s eligibility for much needed … [Read more...] about Do I Need a Special Needs Planning Lawyer?
Are you the parent, grandparent, or caregiver for a child with special needs? If so, estate planning for you should take on a heightened importance for several reasons. Not only do you undoubtedly wish to protect and provide for your child with special needs now, but you may also need to create an estate plan that continue to provide support after your child reaches adulthood. If you are not careful, however, your well-intentioned gifts could jeopardize your child’s eligibility for much needed … [Read more...] about Do I Need a Special Needs Planning Lawyer?
A special needs trust is a type of trust can be used to preserve government benefit eligibility. These trusts are alternately referred to as supplemental needs trusts. There are different types of special needs trusts. One of them is the first party or self settled special needs trust. With this type of trust, the funding would be coming from the beneficiary. Sometimes a disabled individual will receive a personal injury settlement, and the settlement could be used to fund a first party … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
Health insurance is important for everyone, but clearly, it is absolutely essential for people with disabilities. Depending on the circumstances, care and treatment can cost millions of dollars over the course of a lifetime. Since a significant percentage of people with disabilities cannot work, they do not have health insurance through their jobs, and they have limited financial resources. As a result, they can qualify for Medicaid coverage. You are probably aware of the fact that Medicaid … [Read more...] about Can a Disabled Person Use a Trust to Preserve Government Benefits?
You have to tread lightly in a fully informed manner if you are advising a loved one with special needs with regard to asset placement. Government benefit programs like Medicaid and Supplemental Security Income are only available to people who have very limited financial resources. The limit on countable assets is just $2000. Supplemental needs trusts are often used to preserve need-based government benefit eligibility The primary distinction between the different types of supplemental … [Read more...] about Special Needs Planning: Position Assets Wisely
If you are the parent of a child with special needs, the need to create a comprehensive estate plan early on in your child’s life takes on a heightened importance. Like any parent, you undoubtedly want to be able to provide for your child financially, both now and in the future. In addition, you want to be sure that sufficient assets are left behind to help care for your child when you are no longer here. Leaving assets to a beneficiary with any type of disability, however, can be tricky. … [Read more...] about Disability Planning: Preserving Government Benefits
People with special needs are often going to qualify for government benefits that are only available to people with limited financial resources. The Medicaid program is a source of health insurance for financially needy individuals, and though it is not exclusively designed for disabled people, many people with special needs do rely on the program for coverage. Another government benefit that enters the picture here is the Supplemental Security Income program. This program is for people with … [Read more...] about What Is a First Party Special Needs Trust?
You have a lot to take into consideration when you are facilitating postmortem asset transfers to your loved ones. Preparing your assets properly is part of the equation, and you have to decide on the extent of the inheritances that you will be leaving to each respective family member. On the other side of the transfer, when you are planning your estate, you should consider the personal situation of each person who will be receiving an inheritance. With this in mind, we will look at special … [Read more...] about Medicaid, SSI, and Special Needs Trusts
You should understand all of your options and make the right choices when you are planning your estate. If you take action without all of the necessary information, you could make honest mistakes that yield unintended consequences. With this in mind, we will look at special needs trusts in this post. Life Situation It is important to evaluate the life situation of each person on your inheritance list. There are many different tools that can be used to get assets from point A to point B, … [Read more...] about Are There Different Types of Special Needs Trusts?
The estate planning toolkit is extensive, and there is the right tool for the right job as it were. You should carefully consider the life situation of the people that will be inheriting assets from you, and you should utilize the ideal vehicle of asset transfer for each person. The above in mind, we will look at the value of special needs trusts in this blog post. The Medicaid Program Medicaid is a government health insurance program. It is administered by the federal government along … [Read more...] about When Would I Use a Special Needs Trust?