Special needs planning lawyers have very specialized knowledge to help families plan for their children’s future. There are many factors to consider when raising your special needs child and focusing on what will happen after your death is usually not on the top of the list. Still, it is very important to take the time to meet with a Virginia special needs planning lawyer to give your child the best opportunities.
Special Needs Trusts
Like estate planning, special needs planning often includes the use of trusts – in this case a Special Needs Trust (SNT). The reason an SNT is so important is because it allows you to set aside money for your child’s future care without putting their eligibility for government benefits such as Supplemental Security Income (SSI) and Medicaid in jeopardy. The fact is that leaving your child even a small inheritance can disrupt their eligibility status and severely impact their quality of life.
Choose the Right Trust
There are several different types of trusts a special needs planning attorney will cover with you. Some may be funded by your child, either through a personal injury case award or from an inheritance. Other trusts are specifically funded by a parents, grandparents, or other family members.
Choosing a Trustee
A Virginia special needs planning attorney will help you determine the appropriate person to serve as trustee. This may be a family member, caregiver, or a trust company that takes care of the administration of the trust. The Trustee that you choose should be familiar with both the beneficiary’s needs and the intentions and wishes of the person creating the SNT.
If you would like to get more information about Special Needs Trusts, please set up an appointment at the Fairfax area office of the Law Firm of Sheri R. Abrams by calling (571) 328-5795.