If you have a loved one with a disability, chronic illness or other special needs, there can be immense value in consulting with one of our experienced attorneys to formulate a comprehensive estate plan.
Frequently, those with special needs collect government benefits (Supplemental Security Income, or SSI, Medicaid, etc.) to assist with their necessities, such as medical care, food, housing and clothing. Should a relative with special needs receive an inheritance, such government benefits could be lost as the individual’s eligibility for the benefits may be jeopardized. This unfortunate circumstance can be avoided with the establishment of a Supplemental Needs Trust. Such a trust allows for the beneficiary with special needs to have resources beyond those provided by government benefits and, in turn, enjoy a richer quality of life. An additional benefit to establishing a Supplemental Needs Trust is that any assets put in the trust would be protected from potential creditors of the beneficiary.
Remember, the special needs planning outlined above is meant to serve as an example of some goals that a proper estate plan can help achieve. Each individual family circumstance requires its own specially tailored plan that can only be determined after a proper consultation with one of our attorneys.