Planning for the special needs of loved ones, such as disabled loved ones, is important for families who have disabled loved ones, or others with special needs, to care and plan for. It is beneficial for families faced with concerns for special needs loved ones to understand how legal tools can help them with their special needs planning and concerns.
One legal tool that can help with special needs planning is a special needs trust. A special needs trust can help disabled loved ones care for their needs but also allow them to receive the government assistance they need. It is important when setting up a special needs trust to understand the legal requirements of the trust and to ensure it is properly drafted and is valid. The intent of the trust must specify that trust funds are provided for the beneficiary's care and daily needs in addition to the assistance they receive from the government.
A special needs trust can be exceptionally useful in two types of circumstances including when inheritance funds or settlement proceeds are involved. A special needs trust can be used to protect the financial future of the beneficiary, helping to make sure they are still eligible for Medicaid and other government benefits when they have received an inheritance or settlement. Effectively utilizing special needs planning legal tools can help ensure disabled loved ones are properly cared for and provide peace of mind for family members.
A variety of legal resources are available to help plan for special needs care, nursing home care and for estate planning as well. It is useful to be familiar with how these legal tools work and how they can help in each unique situation families face.