As the parent of a child with special needs, your long-term goals may need more careful, thoughtful planning. You have to think past your own lifetime and consider the wellbeing of your child even once you’re no longer around to provide.
The care and safety of your child can’t fall to just anyone when you’re gone. Parents in Georgia can utilize a number of resources to ensure a special needs child receives thoughtful, effective care throughout their lifetime. Consider these primary options in your long-term planning.
Medicaid eligibility in the long-term
Adults with physical and mental disabilities qualify for a variety of government assistance programs. Medicaid is perhaps the most common resource to utilize, though it takes careful planning to ensure qualification for the program in the long-term.
Georgia places limits on income to determine Medicaid eligibility. It’s important to plan ahead to ensure a child with special needs will continue to qualify for the program in the long-term. Medicaid trusts, asset protection, waivers; there are a number of intricacies of the Medicaid system to consider in your long-term care plan.
Special needs trusts
One way to provide for a special needs child without jeopardizing their eligibility for government programs is through the use of a special needs trust. These trusts allow parents or other caregivers to provide financial assistance without disqualifying a disabled person from government assistance programs.
Management of a special needs trust should continue throughout the beneficiary’s lifetime. A skilled legal and financial team can assist with keeping the trust compliant with government requirements to ensure extended care for your child.
A lawsuit settlement, inheritance, income increase, medical needs; many changes may occur in a person’s lifetime that could affect their long-term plans. Planning ahead is a critical step, but it shouldn’t be a one-time task. Skilled legal and financial experts can provide guidance to ensure your plans stay relevant and enforceable in the long-term. Continue to update estate and special-needs plans to prepare for the lifelong wellbeing of your loved ones.