Children or adults who need (or anticipate needing) ongoing care often have special estate planning considerations. The most common special needs scenario involves children that have severe physical or mental disabilities, which can prevent them from working and living independently. In this context, the existence of family financial resources might disqualify the child from receiving valuable government benefits and assistance that would otherwise be available with prudent planning.
If you have a disabled child or beneficiary for whom you wish to provide for, special needs planning can be a crucial component of your overall estate plan. Generally, special needs planning is successfully accomplished through the use of more advanced trust-based planning techniques including "Special Needs" (or "Supplemental Needs") Trusts.
Directing supplemental financial resources to be held in trust and administered by a trustee provides highly desirable asset protection and can help ensure continuity of care for a disabled beneficiary.
The Reynolds Law Group can help you establish a personal estate plan that enables a special needs individual to remain qualified for assistance under various government programs, while still receiving family-provided supplemental financial support and loving care that enhances the individual's quality of life and the family's peace of mind.
Please contact us to learn more about including important special needs planning into your personal estate plan.