Those who have a special needs child will stop at nothing to be sure they’re protected and provided for. Special needs children require different levels of protection from their parents or guardians than the average child does. When parents are no longer able to provide for their special needs child, there needs to be an adequate plan in place to secure a sound quality of life for that child. If you have a special needs child and are beginning to wonder about your options for their long-term financial and medical security, Amicus Law Firm can help. We provide special needs estate planning and Medicaid planning for those in need. We’re a compassionate team of attorneys who understand that long-term care plans can be a daunting and sometimes upsetting experience. It’s never easy to plan for the day when you can no longer assist your child. By learning the process of establishing financial security for your child, you can rest assured knowing you’ve made every effort to provide the best care.
Should I Consult a Lawyer to Help Plan Financially for my Special Needs Child?
When you are no longer alive or able to provide financially for your special needs child, a trust will ensure a portion of your estate is contributed to them directly for their use. Setting up a trust can be a process, and must be carried out in advance if an untimely tragedy occurs. It can be impossible to provide for special needs retroactively. It’s best to set up adequate care by establishing a trust early on.
A revocable trust is a part of special needs estate planning that ensures your child has access to a portion of your finances once you’ve passed away. A revocable trust also determines where your assets will be donated, like your home, real estate property, car, or other valuable assets. This trust must be created and administered properly and free of errors to ensure your child can receive your estate portion as you’ve intended. Most importantly, after your child has received this sum of money, you need to ensure that they can still have access to Medicaid if need be. This is another reason why working with a special needs attorney is crucial.
If your child is deemed ineligible to receive Medicaid assistance after inheriting your estate, they may experience financial hardship later in life. If your special needs child must enter a nursing home or other long-term care facility, there must be adequate money in place to afford the high costs of these places. At Amicus Law Firm, our attorneys are trained to specifically work with families of special needs children to address every possible angle of preparation. We will help you consider these aspects of care that you may be unaware you need. We give specialized attention to special needs families as we understand the dire importance of caring for our most vulnerable loved ones. Protecting a special needs child is incredibly important, and consulting with legal counsel who is familiar with this type of law is crucial.
Speak with special needs planning counsel at Amicus Law Firm to discuss your child’s unique needs. Some special needs children will require Supplemental Security Income (SSI) when they become adults. Setting up certain types of trusts or estates can negatively affect your child’s ability to receive this assistance. A qualified lawyer can help.