We understand the hardships of the parents and caregivers of a child or relative with special needs.
Navigating the complex governing benefits eligibility, the growing list of special agencies, insurance companies and all the paperwork necessary to document the disability of your loved one, might feel like a maze that you need to go thru in order to give your loved one the care they deserved.
That is why special needs planning is such an important part of the life of your son, daughter, sister, brother, grandson, or granddaughter with a disability. You may be concerned on how he or she is she going to be taken care of in the event of your death or disability. It is essential that a proper plan be put in place for him/her. Moreover, if your loved one is currently receiving federal benefits like Medicaid or SSI, you most likely want that those benefits continue after you pass away; however, you may want to provide extra comforts that are not provided by federal benefits. In this case, it is strongly advised that you set up a Special Needs Trusts.
Special Needs Trusts can be first-party trust or third-party trusts. A first-party trust is a trust that set up using the funds on the disabled individual. A common example is when disabled individual receives a personal injury settlement. A trust will be established with funds received from that settlement. A first-party trusts will have a payback provision, which means that at the death of the individual any unused funds in the trust must be used to pay back any government benefits that her or she received. Third-party special needs trusts, often referred to us supplemental needs trusts to differ them from first-party trusts, are set up with funds by someone other than the individual, for instance, a parent, grandparent, or a sibling. Unlike, first-party trusts, third-party trusts have no payback provisions.
Contact Sean McCauley so we can start your Special needs trust.