Common Concerns of Special Needs Parents:
- If I die, who will take care of my child?
- If I die, will my child’s quality of life drop dramatically?
- How can I maximize every dollar available to me to provide the best possible care and comfort to my child?
- What can I do now to plan for my child’s future?
I love the kind of law that I get to practice. Where most attorneys end up representing clients who are mad at someone else – I consistently work with selfless clients who come to my office out of love for someone else. I consider that to be an incredible blessing – and an important responsibility. Here are a few things to consider about your estate planning, or your family’s estate planning, if you have a special needs loved one.
1) Inherited property – if your special needs loved one receives any inherited property into their name – even for a minute – it can affect benefits that they receive from state and federal programs. It is imperative that your entire family and friends know how to leave assets to your special needs loved one in a way that will allow him or her to get the maximum benefit out of the gift.
2) Lifetime Gifts: if you have friends or family that would like to give money while they are alive for the care, support, or well being of your special needs loved one, there is a way to insure that those gifts are not commingle with your other funds, are never subject to lawsuit or bankruptcy and never count against your special needs loved one for purposes of becoming eligible for state and federal programs.
3) Successor Trustees: One of the biggest burdens that the care giver of a special needs person carries is: who will care for my loved one after I am gone? If you are wrestling with that decision, please understand that the time to make that decision is now not later. Proper planning names successor guardians and trustees and begins to integrate them into the care of the special needs person so that the transition is not as traumatic as it could be when you are no longer able to play that crucial role. Additionally, this allows the potential guardian and/or trustee to understand what he or she is signing up for by volunteering to play those roles after you are gone.I am grateful for every special needs plan that my firm completes because I know that the special needs person and their family will have a much greater chance of living secure, safe, and quality lives even after their primary care givers have passed away.
6 Types of Special Needs Trusts
- First Party Disability Trusts – 1396p (d)(4)(a) trusts
- First Party Pooled Trusts – 1396p (d)(4)(c) trusts
- Qualified Income Trusts – 1396p (d)(4)(b) “Miller Trusts”
- Third Party Inter Vivos Special Needs Trusts – Stand Alone Trusts
- Third Party Testamentary Trusts
- Able Act Accounts
- To hear your story and determine what planning tool best fits your unique family situation.
- To put together a plan that will help alleviate some of the concerns that you have as your child grows up with special needs.
- To be a resource to you as you do everything possible to care, love and provide for your special needs child.
If you or someone you know would like to have their current plans reviewed or get a plan put in place feel free to call, The Law of Offices of David Davies, PLLC. 501-358-4422.