Caring for a child with special needs is a responsibility that often falls on siblings, family members, and the community, especially when parents are no longer able to provide care due to incapacity or passing. The transition from parental care to professional caregiving can significantly increase the cost of care, so special needs planning is essential.
At Krugler Law, our compassionate team is dedicated to assisting families with special needs planning for their children, ensuring their well-being and access to available benefits. Contact us today to schedule a consultation and take the necessary steps to protect your child’s future.
Challenges Faced by Special Needs Parents
As a parent of a child with special needs, you will encounter various complex questions that may not have immediate answers, including:
Who will care for my disabled child when I am no longer able to?
How can I ensure my own medical needs won’t overshadow my child’s care?
Will the costs of my medical needs leave little for my child’s care?
Can my child maintain eligibility for Medicaid, Supplemental Security Income (SSI), state-based services for the developmentally disabled, housing subsidies, and other public benefits?
Understanding the Special Needs Trust
A special needs trust is a vital legal document that safeguards public benefits eligibility for individuals with disabilities while providing them with additional financial assets to enhance their quality of life. It covers expenses that public benefits may not fully address, such as:
- Transportation costs
- Medical expenses
- Caretaker payments
- Other allowable expenses
Types of Special Needs Trusts
There are three main types of special needs trusts:
- First-Party Trust: Created for an individual to protect their own assets, like funds received from an accident settlement or inheritance.
- Third-Party Trust: A powerful way to protect a child’s eligibility for public benefits, especially when they are set to inherit money upon the parent’s passing.
- Pooled Trust: Established by a non-profit organization, this trust combines assets from multiple beneficiaries, each with an individual account within the trust. After the beneficiary’s passing, any remaining funds are allocated for the beneficiary’s care, and any surplus goes to the charitable organization holding the trust.
The Advantages of a Special Needs Trust
A special needs trust offers peace of mind to parents of children with special needs, knowing that their child will have adequate financial resources even when they can no longer provide care. The trust’s irrevocable nature ensures the funds are safe from seizure for lawsuit awards or creditors.
Consult Our Special Needs Planning Team Today
Creating a trust to protect the financial assets you wish to leave for your child with special needs is of utmost importance. Our special needs planning team will ensure your child continues to receive public benefits while inheriting assets from you. Contact Krugler Law at (513) 916-1600 to schedule a consultation with a compassionate and experienced member of our team. Together, we will secure a stable future for your child with special needs.