As you create an estate plan, it’s only natural to consider the future well-being of your loved ones. At some point, you may realize that special needs planning is a process you need to tackle.
Here’s something to think about: Approximately 58 million people in the United States, who are over the age of 5, have some type of disability. This makes disabled individuals the largest minority in the country.
While it may sound like a good idea to directly gift a special needs individual money, this is not typically the best approach. If you do this while the person is receiving government benefits, it could hinder his or her ability to obtain the benefits in the future.
With this in mind, you need to find a better way to secure the future financial well-being of your loved one. One of the best strategies is through the use of a special needs trust. This allows you to provide the person with financial assistance, all without jeopardizing his or her ability to also receive government benefits.
At our law firm, we understand the finer details of special needs planning, including the steps that you need to take to get everything in order in a timely manner. It’s our goal to help our clients make decisions that will have a positive impact on their loved one’s life in the future.
If special needs planning is on your mind, don’t hesitate to learn more about your options and implement a strategy that will give your loved ones access to the money they need in the future.