Fundamental Questions
What is a special needs trust?
A special needs trust is a legal tool that allows you to set aside assets for the care of a loved one with special needs without affecting their eligibility for government benefits like Medicaid or SSI.
How can I ensure my child with special needs is cared for after I’m gone?
Special needs planning includes establishing a trust and providing clear instructions about your child’s care and financial support. This ensures that your child’s needs will continue to be met even after you are no longer around.
Can I leave money to my child with special needs?
Yes, but you must do so through a special needs trust to avoid disqualifying them from government benefits. Directly giving money may affect their eligibility for essential programs like Medicaid or SSI.
Do I need a lawyer for special needs planning?
Yes, because special needs planning involves complex legal requirements and ensures that your trust is properly structured to meet your loved one’s needs while preserving their eligibility for government assistance.
How do I choose a trustee for my special needs trust?
When choosing a trustee, it’s important to select someone who is trustworthy, financially responsible, and has the ability to manage the funds appropriately. This can be a family member, a trusted friend, or a professional trustee with experience managing special needs trusts.