When a family has a special needs child, many questions and concerns constantly haunt the parents and immediate caretakers:
- Who will take care of our child when we are not able to or are not around them to take care of them?
- Who will care for them with the same compassion and patience that we provide to our child?
- Who will provide for our special child and for how long?
- How to leave enough money for our child without disqualifying them from governmental benefits?
- What can we do to help our child and ensure protection under difficult or unforeseen circumstances?
How To Leave Assets For Your Special Needs Child?
In estate planning for families with special needs children, an important question to address is how to leave enough money to pay for the extra care and support a special needs child may need for their lifetime, while not disqualifying them from benefits such as Medicaid.The answer to this and many other questions is a Special Needs Trust (SNT).
The rules for establishing a SNT are complicated and must be carefully examined to make sure the SNT does not fail the ultimate goal of leaving the inheritance to the child without disqualifying them for benefits they can get from the public programs. Generally, many individuals with disabilities qualify for means-tested benefits including Medicaid/Medical Assistance, Supplemental Security Income (SSI), food stamps, housing and fuel subsidies,but these public programs have stringent limitations on the amount of income and assets the beneficiary can own. Due of these limitations, it is important to plan and make sure no funds or their share of inherited property pass directly to the special needs individual. Instead, they should be passed to the SNT which can hold assets without being counted formeans-tested benefits.
You must make sure that the SNT is both properly structured and appropriate for your child’s specific situation. The SNT must be kept up to date with the changes in law to continue to qualify for public benefits and meet your child’s evolving financial and emotional requirements.
We, at The Law Office of Sandhya Tulshyan,can help you plan and leave enough financial assets for your child to live an enriched life without jeopardizing their eligibility for government benefits.We also help you choose the trustee and guardian who can stand by your child throughout their lifetime. Schedule an appointment with us to how you and your special needs child can benefit from our experience and feel protected and cared for throughout their lifetime.
We are Maryland Estate Planning Special Needs Trust attorney serving families with special needs children in Howard County and throughout Maryland. We also serve in New York and Washington DC.
Our office provides an education through a Family Legacy Planning session where you are empowered with knowledge to make informed choices that best fit your needs.