For parents with special needs children, ensuring the care of their loved ones once they are gone is of the utmost priority. The loss of SSI and Medicaid is a very real danger if proper special needs planning is not put in place, which is why special needs planning by a Fairfax, Virginia, Special Needs Planning Lawyer, involving Special Needs Trusts, is so important.
What is a Special Needs Trust?
Since even a small amount of cash assets can disqualify special needs individuals from the assistance they need, it is important to not let these assets pass directly to them upon your passing. A Special Needs Trust is the best way to ensure your special needs loved one keeps their government assistance while also benefiting from the legacy you leave behind. A Fairfax, Virginia, Special Needs Planning lawyer can design these Trusts in such a way that the assets in it do not belong to your special needs beneficiary; instead, they are owned by the Trust and managed by a Trustee of your choosing who will direct the assets to be used for the benefit of your special needs loved one. Social Security and Medicaid will ignore the assets in the Special Needs Trust as they are not directly owned by your special needs loved one.
How may the assets in a Special Needs Trust be spent?
Assets in a Special Needs Trust can be spent in a number of ways which benefit the special needs individual. These include education, recreation, vacations, home improvement, and certain out-of-pocket medical expenses. These expenses are considered “non-countable” by Social Security and Medicaid since they do not count as the special needs individual’s personal assets. Fairfax, Virginia, special needs attorneys caution that assets in a Special Needs Trust may not be given directly to the special needs individual, as this will disqualify them from receiving government assistance.
If you have any questions about how a Special Needs Trust can benefit you and your loved ones, please contact attorney Sheri R. Abrams at 571-328-5795 to schedule a consultation.