You may have put off planning for a child or grandchild with special needs because you don’t want to disrupt the benefits they rely on, including Medicaid and Supplemental Security Income (SSI). These programs are asset restricted, and if you leave money in your will to a person living with a disability, your generosity could backfire.
Don’t worry. Our top-notch probate lawyers direct your indecision into action with several trusts and accounts that provide for a loved one without compromising existing benefits. Stop procrastinating and call a Royal Oak special needs planning lawyer now to learn more about these complicated but exciting options.
A properly drafted special needs trust does not count toward government benefits asset caps. We can create this trust for you to fund during your lifetime or as the beneficiary in your estate plan. Life insurance policy proceeds and residuals from parents’ retirement accounts can also be directed to third-party trusts.
While a third-party special needs trust is funded by someone other than the beneficiary, a first-party special needs trust receives its money from the person it benefits. This money often comes from a settlement of a personal injury lawsuit.. Parents, other family members, or a guardian can set up a first-person special needs trust if the beneficiary is younger than 65.
The lawyers at The Probate Pro are wizards when it comes to crafting precise probate documents. Importantly, we are the largest probate coordination firm in America, and our lawyers are knowledgeable about federal and state laws governing benefits for those with special needs. Planning a more comfortable life in Royal Oak for someone with special needs is what we do. If your loved one is reliant on state and federal programs that offer basic income and healthcare, you do not want to decipher the regulations and laws by yourself and risk the loss of benefits. Call us and speak to the best in the business.
For parents with children who are disabled at birth or develop special needs, the Achieving a Better Life Experience (ABLE), can give your loved one more independence. Parents, disabled children who work, grandparents, and other family members and friends can contribute up a sizeable amount annually to an ABLE savings account, which is tax-free to the disabled holder. Our Royal Oak attorneys can prepare you with the information you will need for an ABLE account and special needs planning.
Your loved one with special needs deserves to be secure and have proper care at all points in their life. People with disabilities generally spend more to maintain their health and well-being than those without special needs, and many of them rely on Social Security, SSI, and Medicaid to get by.
These benefits are lifesavers, but many recipients must still pinch pennies and live frugally while relying on them. That is where the pros at The Probate Pro come to the rescue. We thoroughly understand how the law can help you make a better life for your loved one, now and after you are gone. Give our Royal Oak special needs planning lawyer a call now and let’s talk.