Special Needs Planning

We understand the hardships of the parents and caregivers of a child or relative with special needs.

Navigating the complex laws 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 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 about how he or she is going to be taken care of in the event of your death or disability. A proper plan must 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 Trust.

Special Needs Trusts can be first-party trust or third-party trusts. A first-party trust is a trust that is set up using the funds of the disabled individual. A common example is when a disabled individual receives a personal injury settlement. A trust will be established with funds received from that settlement. A first-party trust 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 he or she received. Third-party special needs trusts often referred to as 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.

Latest Articles

April 9, 2021
A person receiving a vaccine shot for Covid-19

You are Fully Inoculated against COVID-19; Now What?

What to Expect after you are completely inoculated against COVID-19 More and more of us are either receiving or becoming eligible to receive the COVID-19 vaccine. […]
April 9, 2021
An image of Senator Bernie Sanders waving

What you need to know about the “99.5% act”

Potential Estate Planning Impacts of the “For the 99.5% Act” Sen. Bernie Sanders and Rep. Jimmy Gomez introduced a new bill, “For the 99.5% Act,” into […]
April 2, 2021
An image of an ambulance, lights are on, parked in front of a hospital

Please Don’t Wait for an Emergency!

Plan, Don’t Wait for an Emergency That sounds like something your mother might say, right? And how often have you wished that you’d followed mother’s good […]