Caring For A Loved One With Special Needs
Most people who have dependents with special needs require government assistance of some kind, such as Supplemental Security Income (SSI) or Medicaid, to help provide for that person’s basic needs. However, these benefits only provide for the very bare minimum of what the person needs to survive; they don’t help create an enjoyable, meaningful life. The problem is that most types of financial transfers will count against the government benefits available, minimizing the impact that a financial gift could provide.
Our attorneys can help. At the Indianapolis law firm of Severns & Howard, P.C., our attorneys have decades helping Indiana clients create comprehensive estate plans that incorporate special needs trusts and other legal instruments to pass on wealth to loved ones with special needs.
The Special Needs Trust
The special needs trust is among the most important legal instruments for special needs planning. There are many benefits to the special needs trust, including:
- Provision for your loved one with special needs: The primary purpose of the special needs trust is to provide assets to the beneficiary to increase quality and enjoyment of life over and above the bare minimums provided for by government benefits.
- Protection for your other benefits: The beauty of the special needs trust is that you can transfer assets without jeopardizing your other benefits like Medicaid and SSI. If you were to just gift the beneficiary with cash, it would count against eligibility for these other benefits.
- Protection for the assets against losses: In cases involving a personal injury lawsuit or other creditor actions, a special needs trust can shield the assets from loss.
You can use a special needs trust for a number of purposes, including medical checkups, travel and care for attendance at religious services, educational expenses, recreational and travel costs, entertainment and the purchase of general goods and services that can enhance the beneficiary’s quality of life.
Whatever ideas you might have for transferring assets to a beneficiary with special needs, we can help you determine how to do it and help you obtain your goals.
Contact Our Lawyers Today
If you have a child, spouse, sibling or parent with special needs, we can help you create a special needs trust to transfer funds. Contact us online today or call 1-800-335-3971 to discuss your options.