When Your Child Has Special Needs, Estate Planning is a Must

8:25 pm California Trusts, Estate Planning

holding hands 150x150 When Your Child Has Special Needs, Estate Planning is a MustIf you are the parents of a special needs child – and with autism spectrum disorder (ASD) now affecting 1 in 88 American children, that number is growing – then the need to plan for how your child’s needs will be met after you are no longer available to care for them is critical.

A special needs trust – also known as a supplemental needs trust – can be set up to allow a disabled beneficiary to receive assets without losing their eligibility for government programs or benefits.

Currently, federal law prohibits disabled individuals from receiving needs-based assistance if they receive an inheritance of more than $2,000.  However, by establishing a special needs trust, assets can be passed on to care for a disabled individual without that person being considered an “owner” of the assets, which would disqualify them for important programs like Medicaid.

In fact, special needs trusts are not for the basic support of the disabled individual, but are for important supplemental support like education, counseling, extra medical care beyond the basics and even recreation.  These trusts supplement the basic necessities, much as you do as a parent, to improve the quality of life and ensure the continued comfort of a loved one with special needs.

If you are the parent or guardian of someone with special needs and want to know more about special needs trusts, contact our Costa Mesa law firm.

 

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