Special Needs Planning
People with special needs need special planning.
Without proper planning, your child could lose their eligibility for SSI or Medicaid if they were to inherit a lump sum of money.
Just some of the challenges of planning are:
- Leaving money for the benefit of the child without causing the child to lose important public benefits
- Making sure the funds are well managed
- Keeping siblings from facing the burden of care
- Fairness of distribution between your children
- Make sure there is enough money to meet your disabled child’s needs
One of the best ways to do this is with a special needs trust
Special Needs Trust
A Special Needs Trust is used to hold money for your children without that money counting as an asset for Supplemental Security Income (SSI) or Medicaid. You can have the money in the trust used to pay for services that are not covered by government programs, insurance, or for extras that improve their quality of life.
A Supplemental Needs Trust can be the beneficiary of life insurance or your entire estate. Anybody, not just you, can contribute to the special needs trust.