In today’s Life Planning Q&A, we’re going to talk about planning for children and adults with special needs.
The classic definition of a ‘special needs person’ is when someone has a mental, physical or other disability that would qualify them to receive government assistance for their medical care and related expenses. Extra care must be taken in order to preserve both the inheritance and the government benefits a Special Needs beneficiary may be entitled to receive.
The good news is, you don’t have to disinherit a Special Needs beneficiary in order to preserve their government benefits!
The term ‘special needs’ can also be expanded to include other common circumstances, such as being of minority age, having a substance abuse problem, or in the midst of a lawsuit, divorce, or some other legal or medical circumstance in which discretion is needed in order to prevent the beneficiary’s inheritance from being taken away.
It is critical to give the Trustee broad discretion over if, when, or how to make distributions to or for the benefit of a special needs beneficiary. Your trustee needs to know how to make those distributions in a way that won’t disqualify the beneficiary from receiving all of the government assistance they’re entitled to.
Special needs circumstances require and deserve the extra thought and planning needed to maximize and preserve the benefits of the inheritance. We have decades of experience helping to plan for Special Needs beneficiaries. Giving your Trustee discretion over when and how to make distributions can have a dramatic impact on how efficiently all available resources are deployed in caring for your loved one with Special Needs.
We’d be delighted to offer our decades of experience preserving Special Needs inheritances to you without cost or obligation. Simply call 877-438-7878 to schedule your FREE consultation or schedule some time on Warner’s calendar here – https://www.calendly.com/Warner-1.
Let’s talk soon!