If you have a disable dependent, it can make creating your estate plan more complex. You want to confer with a seasoned estate planning attorney to determine the best strategy for caring for your special needs child or spouse living in a nursing home. While you may believe that leaving a large lump sum of money to pay for their care is the best option, your actions could result in your loved one being ineligible for government benefits that he or she would otherwise be able to receive. A better option is to create a Special Needs Trust. This type of trust can be created while you are living or you can leave instructions for your money to flow through your Will or Trust into the Special Needs Trust when you die.
If you have a loved one with special needs, let Diane Anderson help. We can review your unique situation and help you understand if a Special Needs Trust will work for you and your loved one. Creating a trust can allow your loved one to receive the benefits of SSI or Medicaid, while allowing the trust to pay for services that the government does not cover. For instance, the Trust can pay for specialized equipment, therapies, expenses related to traveling to medical appointments, and other similar costs. Because the trust assets are not readily available to the beneficiary with special needs and the trustee distributes them on a discretionary basis, the government will not include the trust property in determining whether or not your loved one qualifies to receive benefits.
A Special Needs Trust should be carefully drafted by a seasoned estate planning attorney. When attorney Diane Anderson’s mother was 33 years old, she died in a plane crash. This sudden, untimely death was an emotionally overwhelming time for Ms. Anderson. She learned the difficult lesson that life is not promised to any of us. Now she works to help others with their estate plans so they can have the peace of mind that their loved ones are protected. Contact The Law Office of Diane Anderson to protect yourself and your loved ones.