Special Needs Planning
People with special needs need special planning.
People with unique, special needs need unique planning, care, and consideration. As a caregiver, do you know the importance of special needs planning for your loved one? Have you prepared financially and otherwise for the day you can’t take care of them?
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 special needs planning are:
- Leaving money for the benefit of the child without causing the child to lose important, means tested public benefits
- Making sure the funds are well managed for them and their benefit
- 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
- Avoid paying it all back to Medicaid
- Disinheriting your loved one isn’t always the right answers.
One of the best ways to do this is with a special needs planning trust.
Special Needs Planning 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 like electronics, transportation, tickets, hobbies, and more.
A Supplemental Needs Trust can be the beneficiary of your life insurance policy or your entire estate. Anybody, not just you, can contribute to the special needs trust. And, there isn’t a Medicaid payback in these trusts. The money can be passed on as you want, not as the Government dictates with certain kinds of special needs planning.