As parents, we know how our heart skips a beat anytime we think of those little ones going through life without us. For those with a child who has special needs, those thoughts can be even more frightening. While we can’t control what hands we are dealt, we can do our best to pave the path for an easier future. A special needs trust is often the solution and a way to offset those fears.
In short, a special needs trust is a way of providing financially for our children who have special needs – without jeopardizing government benefits they may be receiving.
Defining the Parameters
You can place into a trust account any amount of money and designate it to be used for the care of your disabled child. It can include money that will make a huge difference in their lives and can include funds for:
Annual check ups
Attendants, escorts or home health care
Vehicles or other transportation
Vacations or entertainment
And that’s just the tip of the iceberg.
Choosing Your Special Needs Trust Lawyer
The right special needs attorney will work with you to ease your fears while also ensuring that burden is lifted by handling all of those details that cause parents to lose sleep at night. He can help explain the role of a trustee, the intricacies of insurance, Medicaid and/or Medicare, other government benefits and all of the other financial needs your child may face.
He can also provide insight into various milestones that mean it may be time to do things a bit differently – when you might need to incorporate your will and estate planning decisions into the way you’ve devised the special needs trust, for instance.
Because the laws change and certainly the health care laws that are already causing some confusion, finding a lawyer who will be with you and your family for the long haul is important. It’s never an easy task but for parents who love their children who have special needs, it’s as crucial as the air they breathe. It makes sense that you would want to choose someone who’s sensitive to the intimate details that you’ll likely find yourself divulging.
Also, Medicaid has specific rules, but many get caught up in the uncertainty of what those rules mean. There are ways to provide medically without compromising the trust – and vice versa. Life was never meant to be lived with one or the other.
Did you know there are a number of ways to define the parameters of a special needs trust? In many ways, it can feel almost as though you’ve custom designed to fit your needs (and again – isn’t that way it should be?). You can self-fund the trust, it can be set up for any type of personal injury awards that may be in your child’s future, inheritances and more.
Finally, don’t underestimate the importance of choosing someone to manage it should you pass away. This person is the one who will, depending on your child’s needs, determine their quality of life. That might be the most frightening part for parents – but it also highlights just how important it really is.
The right attorney can – and should – provide peace of mind when you leave his office. You should feel confident in your choices and even more certain about your child’s future.
- Life Expectancy Underscores the Importance of Medicaid Planning - July 27, 2021
- Legal Assistance Is Invaluable During the Trust Administration Phase - July 8, 2021
- These Estate Planning Tips Will Help You Protect Your Family - June 17, 2021