Special Needs Planning
By Shelley Elder, Estate and Probate Lawyer serving the North Atlanta metro area, including Bartow County, Cherokee County, Cobb County, Paulding County
Are you a caregiver to a child or adult loved one who has special needs? Do you worry about what will happen once you are no longer able to care for him or her? If you have other children or siblings, you may not be able to depend on them to pick up where you left off. They may not have the finances or even the physical or mental capability to do so.
You might think that it would be a good idea to leave money to a sibling (for example) or other “trusted” person, with the understanding that they will spend the money for the benefit of the disabled family member, but sometimes this plan backfires. If that sibling becomes divorced or has to file for bankruptcy, the money could become part of a judgment or settlement. In addition, that sibling is not legally obligated to use that money to benefit the disabled family member. What would happen if that sibling suddenly died? That money would suddenly become a part of his or her estate and would be left to his or her heirs. So, there are many things that can happen.
You can usually provide financially for the special needs of the disabled family member if something happened to you, either by bequest or by naming them as a beneficiary to life insurance or other assets. However, did you know that if you do not plan properly, your special needs family member might become disqualified for Medicaid or Supplemental Security Income (SSI)? These programs have caps on the recipient’s income and assets, yet only provide for basic needs such as food and shelter.
Elder Law Firm is an experienced, full-service estate planning firm who cares about our clients and works with them to prepare for individuals and families with a special needs family member, a personalized, long-term legal plan.
Your plan might include a Special Needs Trust (also known as a Supplemental Needs Trust). This tool will help you avoid potential problems without putting an emotional strain on family relations. The special needs trust money will be used to supplement your disabled child or family member’s life with things that the government benefits will not cover. Examples would be airline tickets or other transportation expenses, summer camp, entertainment such as video games or movies, and nutritional supplements such as vitamins. Did you know that money placed in a Special Needs Trust can also be used for burial expenses? A Special Needs Trust can give parents peace of mind and the knowledge that they have done the best for their surviving family members to make their lives a little bit better.
Shelley Elder of Elder Law Firm meets with clients in the North Atlanta metro area, including Acworth, Cartersville, Dallas, Emerson, Kennesaw, Marietta, Powder Springs, Smyrna, Woodstock, and other communities in Bartow County, Cherokee County, Cobb County, and Paulding County.
Are you a caregiver to a child or adult loved one who has special needs? Do you worry about what will happen once you are no longer able to care for him or her? If you have other children or siblings, you may not be able to depend on them to pick up where you left off. They may not have the finances or even the physical or mental capability to do so.
You might think that it would be a good idea to leave money to a sibling (for example) or other “trusted” person, with the understanding that they will spend the money for the benefit of the disabled family member, but sometimes this plan backfires. If that sibling becomes divorced or has to file for bankruptcy, the money could become part of a judgment or settlement. In addition, that sibling is not legally obligated to use that money to benefit the disabled family member. What would happen if that sibling suddenly died? That money would suddenly become a part of his or her estate and would be left to his or her heirs. So, there are many things that can happen.
You can usually provide financially for the special needs of the disabled family member if something happened to you, either by bequest or by naming them as a beneficiary to life insurance or other assets. However, did you know that if you do not plan properly, your special needs family member might become disqualified for Medicaid or Supplemental Security Income (SSI)? These programs have caps on the recipient’s income and assets, yet only provide for basic needs such as food and shelter.
Elder Law Firm is an experienced, full-service estate planning firm who cares about our clients and works with them to prepare for individuals and families with a special needs family member, a personalized, long-term legal plan.
Your plan might include a Special Needs Trust (also known as a Supplemental Needs Trust). This tool will help you avoid potential problems without putting an emotional strain on family relations. The special needs trust money will be used to supplement your disabled child or family member’s life with things that the government benefits will not cover. Examples would be airline tickets or other transportation expenses, summer camp, entertainment such as video games or movies, and nutritional supplements such as vitamins. Did you know that money placed in a Special Needs Trust can also be used for burial expenses? A Special Needs Trust can give parents peace of mind and the knowledge that they have done the best for their surviving family members to make their lives a little bit better.
Shelley Elder of Elder Law Firm meets with clients in the North Atlanta metro area, including Acworth, Cartersville, Dallas, Emerson, Kennesaw, Marietta, Powder Springs, Smyrna, Woodstock, and other communities in Bartow County, Cherokee County, Cobb County, and Paulding County.
