Special Needs Planning
“To the world, you may be one person, but to one person, you may be the world.” – Dr. Seuss
What is Special Needs Planning?
Special Needs Planning is the process of making legal and financial arrangements to protect a person with disabilities. Without the right plan, a child or adult with special needs may lose government benefits, face financial hardship, or even be left without a caregiver.
A good plan includes:
- Choosing a Guardian – A trusted person who will care for and make decisions for your loved one if you are unable to.
- Setting Up a Special Needs Trust (SNT) – A legal tool that protects assets while preserving eligibility for benefits.
- Exploring ABLE Accounts – A tax-free savings option for individuals with disabilities.
Ensuring Medicaid and SSI Eligibility – Making sure your loved one continues to receive the benefits they rely on.
The Biggest Concern for Parents: Who Will Care for My Child?
Many parents of children with disabilities worry about what will happen when they can no longer provide care. Some families assume a sibling will step in, but that is not always the best option. Taking care of a special needs adult can be a full-time responsibility. Even the most loving siblings may not have the time, financial resources, or emotional capacity to take on this role.
This is why naming a Guardian in your estate plan is so important. A guardian is a person legally appointed to care for an individual who cannot fully care for themselves. Parents can express their wishes about who they trust to care for their child and ensure they have the support they need.
Special Needs Trusts: Protecting Your Child’s Financial Future
Leaving money directly to a person with special needs can actually do more harm than good. If they receive an inheritance outright, they could lose essential benefits like Medicaid and Supplemental Security Income (SSI). These programs have strict income and asset limits, so even a modest inheritance could disqualify them.
A Special Needs Trust (SNT) solves this problem. This type of trust:
- Holds money for your child’s benefit without affecting their eligibility for benefits.
- Allows funds to be used for things Medicaid and SSI don’t cover, like therapy, education, travel, and recreational activities.
- Can be managed by a trusted family member or professional trustee.
Without a Special Needs Trust, your child could end up losing their benefits, spending down their inheritance quickly, and having no financial security in the future.
What is an ABLE Account?
An ABLE (Achieving a Better Life Experience) Account is another tool that helps individuals with disabilities save money while keeping their government benefits. These tax-advantaged savings accounts allow up to a certain amount of money to be saved each year without affecting Medicaid or SSI eligibility.
Funds in an ABLE account can be used for:
- Housing
- Education
- Transportation
- Healthcare
- Other disability-related expenses
While an ABLE account is a great option, it has limits on how much can be saved. A Special Needs Trust is often still necessary for long-term planning.
The Danger of Not Planning Ahead
Failing to plan can lead to devastating consequences. Without proper legal documents in place:
- Your child may end up in a court-ordered guardianship with someone you wouldn’t have chosen.
- They could lose Medicaid and SSI if they inherit money improperly.
- There could be disputes among family members over care and financial decisions.
- Their future could be uncertain, with no clear plan for housing, medical care, or quality of life.
Why You Need a Special Needs Attorney
Special Needs Planning is complex, but with the right guidance, you can protect your loved one’s future. At Elderly Care Law Firm, we help families:
- Draft estate plans that protect benefits and ensure a secure future.
- Establish Special Needs Trusts and ABLE accounts.
- Appoint trusted guardians and caregivers.
- Navigate Medicaid and SSI eligibility rules.
Every family’s situation is unique, and the right plan can give you peace of mind knowing your child will be cared for, protected, and financially secure.
Take the First Step in Protecting Your Loved One’s Future
You don’t have to do this alone. Let us help you create a plan that honors your wishes and provides the best possible future for your loved one.
Call your Special Needs planning attorney in Florida today at (305) 564-6606 for a case evaluation.
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