Special Needs Planning
Special Needs Planning

Special Needs Planning

If you are the parent of a child with a disability, no doubt you have spent your life caring for that individual – both emotionally and financially. But what happens when you are no longer around to provide that care? If you name your child as a beneficiary in your will or revocable trust, you could be causing more harm than good. The problem lies with the rules regarding public benefits such as Supplemental Security Income (SSI) and Medicaid. The federal government will stop paying these benefits to a person with special needs if they have more than $2,000 in assets.

Coenson Law can help resolve this problem by creating a Special Needs Trust to protect the assets for a disabled loved one without jeopardizing that loved one’s public benefits. You and others can place a variety of assets into the special needs trust including cash, real estate, vehicles and investment accounts. The assets can then be used to pay for out-of-pocket medical and dental expenses, medical equipment not provided by Medicaid, education and vocational rehabilitation, caregivers, recreational and cultural events, athletic training and competitions and much more.

With a Special Needs Trust, the most efficient use of available resources and the management of any assets will be designated specifically for the care and well-being of a minor or an adult child with disabilities. However, a Special Needs Trust should be part of a carefully designed estate plan so that a loved one with a disability can enjoy a fulfilled life even after their parents are gone.

Let us help you and your family with your special needs planning, and the creation of Special Needs Trust. Call us at 407-322-8000 or email: assistance@coensonlaw.com to schedule an appointment.