Special Needs Planning
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Special Needs Planning Lawyer For Children And Adults With Disabilities
Do you have a child or family member with special needs? Planning for their future is one of the most important steps you can take to secure their long-term security and well-being. You want to ensure your loved one is cared for financially without jeopardizing their access to governmental benefits.
Based in Plano, Krupa Downs Law offers legal services to support individuals with special needs and their families. We understand how delicate special needs planning can be and are prepared to use our extensive experience and knowledge of the law to meet your loved one’s short and long-
term needs.
What is Special Needs Planning?
Special needs planning is an estate planning strategy that helps loved ones with disabilities access necessary resources while protecting their eligibility for needs-based government benefits like Medicaid and Supplemental Security Income (SSI). This is typically done through special needs trusts (supplemental needs trusts), and ABLE accounts (Achieving a Better Life Experience account).
A special needs plan is customized to each client, considering factors like age, educational plans, support needed, finances, family goals for future care, eligibility for government benefits, and family support. As the client’s circumstances change, such as transitioning to new educational stages, becoming eligible for benefits, aging parents, or experiencing unforeseen events, the plan must be regularly updated to adapt to evolving needs.
How an Experienced Special Needs Attorney Can Help
Strategic planning can preserve your loved one’s eligibility for public benefits like SSI, Medicaid, and food and housing assistance. Since these programs have strict asset limits, leaving your loved ones large sums of money or investments could result in disqualification. A special needs provision, such as in a Last Will and Testament, includes specific language that allows your loved one to receive your intended assets without jeopardizing their eligibility for government benefits.
Special Needs Trust
While government benefits are essential, they often aren’t sufficient to provide a desirable quality of life. A special needs trust (SNT) uses privately held assets to “supplement” government benefits, not replace them. These trusts are established by transferring property to a designated trustee, who will manage the assets on behalf of the person with the disability, who may be unable to do so themselves.
A properly drafted SNT can help make the most of available benefits and provide an important safety net for vulnerable persons. Special needs trust fund a variety of life-enhancing expenditures not covered by SSI or Medicaid, including;
- Medical equipment
- In-home caregivers
- Supplemental therapy
- Education
- Transportation
- Home modifications
- Recreational activities
ABLE Accounts
With the ABLE (Achieving a Better Life Experience) Act of 2014, disabled individuals have a second means of building a financial cushion without interfering with their federal aid. ABLE Accounts allow individuals with special needs to save and invest in tax-exempt accounts to meet their qualified disability-related expenses.
Only one ABLE account can be held by an individual, and it can be opened at any age as long as the disability begins before age 26. Contributions can be made by the beneficiary, friends, family members, trusts, or estates.
Understanding how to use these tools effectively can be challenging, but having legal guidance can make all the difference. We can help families provide a lifetime of assistance for the special person and address key decisions like selecting a trustee or appointing a legal guardian.