| At LA Law Center, in Burbank California we see many disabled persons that come to us after parents die and find that the estate will go directly to them. This means they may lose their Public Benefits that they disperately need. It is important to know what can be done to give assets to a special needs person and not disrupt their Public Benefits. We are passionate about helping families get their affairs in order (estate planning) as well as provide long term protection for Special Needs children (that will some day be Special Needs Adults)!
There are many misconceptions that can result in costly mistakes when planning for Special Needs Children. Planning for a child that will require Public Benefits programs all of their life requires expert legal knowledge to ensure the special needs child (then adult) is properly cared for and has asset to help improve their quality of life. Properly drafted and funded special needs trusts can ensure that special needs beneficiaries has assets to care for them throughout the beneficiary’s lifetime. #1: DO NOT Disinherit the Special Needs Child. Consider a special needs trust to protect public benefits and care for special needs children during their incapacity. #2: Procrastination is not good for a Child that should be a Special Needs Beneficiary. Parents, grandparents, or any other loved ones of a special needs child face unique life challenges when it comes to that child. This is one area where families simply cannot afford to wait to plan. Talk to a special needs attorney before you create a living trust. Special Needs Trust Attorneys can include protection within the living trust. #3: Don’t ignore the special needs of the child when do estate planning. When creating a family estate plan, planning for a child with special needs, the families should consider creating a properly drafted special needs trust that allows assets to be available for that beneficiary. If not stated in living trusts, if assets go to special needs person directly those assets may disqualify the beneficiary from public benefits and may be have to repay the state for the assistance provided. #4: A special needs trust does not have to be inflexible. A special needs trust should be customized to meet the unique circumstances of the special needs be child and plans for the future and should be drafted by an experienced special needs planning attorney. Invite others to contribute to the Special Needs Trust. Creating a special needs trust now allows others, such as grandparents and other family members, to name the trust as the beneficiary of their own estate planning which give the special needs child more assets that will be needed throughout his or her life. #7: DO NOT Rely on Siblings to use their money for Special Needs Child! A special needs trust legally makes sure that the assets are used only for the special needs beneficiary (and the sibling’s ex-spouse or creditor! LA Law Special Needs Attorneys and staff have the experience you need to help a special needs person in proper planning. Call for a free consultation (818) 241-4238 www.la-lawcenter.com |