Knowing that you are going to leave behind your family members and loved ones someday can be stressful for anyone, but it is especially worrisome if you have a child or loved one with special needs. You want to be sure that you are doing everything that you possibly can to make sure that they are taken care of when you are gone. At the same time, you do not what them to have so much that they do not qualify for some of the government benefits and services that they depend on. A good estate plan is a necessity, and a Medina County, Ohio special needs planning lawyer can help you make one.

Should I Use a Special Needs Trust?

In many cases like this, we will recommend that a person sets up a special needs trust that can help provide for their loved one without jeopardizing the benefits that they receive. In a trust, your assets are left to a trustee who can use your resources to provide for a beneficiary.

A special needs trust is often one of the best ways to care for a loved one with special needs.

What Benefits Can My Loved One Qualify For?

If you leave behind a lot of money or use a different kind of trust, those assets could disqualify your loved one from receiving certain types of benefits. Many of the benefits given to people with special needs are “means-tested,” so having too much money or too many assets can leave them without benefits.

When you establish a special needs trust properly, you can use the trust to provide for a loved one while they still get their benefits. If you make a different kind of arrangement, they may not be able to receive Medicaid and Supplemental Security Income, or SSI.

Who Should be the Trustee in My Estate Plan?

You should be careful when picking out a trustee. This person could have sole discretion over how these funds are used, so it needs to be someone that you absolutely trust to look after your child once you are gone.

Sometimes family members, like siblings or an uncle or aunt, will step up to be the trustee. You can choose a family member that you trust, but you should also consider naming a professional trustee that would be nonpartial. An attorney is often a good choice.

What Else Should I Do for My Estate Plan?

If you plan to set up a special needs trust, you should also prepare a letter of intent. You can be more personal and use less legal language in this. Most use this letter to tell a new potential caregiver or trustee all about the likes, dislikes, and preferences of their child. This can give them a better understanding of the unique person they are dealing with and how to best meet their needs.

Contact an Estate Planning Lawyer

If you are ready to learn more about how we can help you protect your loved ones, contact Krause Law. We can tell you more about what our knowledgeable lawyers can do to assist you.