I’ve written many times regarding the importance of planning if you have a child with disabilities. Frankly, I have tried to make it very clear that it is dangerous to leave a disabled person an inheritance outright. Doing so could jeopardize the disabled individual’s access to critical government benefits. You may not know that there are benefits of special needs planning that go beyond government benefits.
It is essential to establish a Special Needs Trust if you or any other person is going to leave your child with disabilities an inheritance. That way, the money can be sheltered and used for things that will improve their quality of life without disqualifying him or her from SSI, Medicaid and other government programs. But, there are many other reasons to create a Special Needs Trust beyond protecting benefits, such as:
- It can help maintain access to vocational rehabilitation programs.
- It can preserve subsidized housing qualifications.
- It can keep any proceeds from a settlement that may occur.
- It can protect their resources if the disabled person is sued.
Did any of these scenarios surprise you? There are actually many more benefits of special needs planning and setting up a Special Needs Trust. Unforeseen circumstances happen, but when the right plan is in place government benefits, financial security and your family’s peace of mind can still be maintained.
If you are wondering if a Special Needs Trust is right for your family, call the Law Office of Sheri R. Abrams at (571) 328-5795.