League City Special Needs Planning Attorney
Allowing Families to Provide for Special Needs Loved Ones
Planning for the future is vital when you have a dependent with special needs. Distributing assets after death can have a huge impact on the individual’s life, including any benefits they receive from government assistance programs. If a disabled person receives an inheritance, without proper planning, this new influx of money can disqualify them from SSI, Medicaid, and other benefits.
You may think that a will is all you need for your estate plan. However, a complete estate plan is creating a higher quality of life for your special needs loved one. Creating a special needs trust and adding other estate planning provisions can help you pass on assets and preserve their eligibility for public benefits.
What Is a Special Needs Trust?
Creating a special needs trust means you can leave assets in the trust to provide for your loved one, rather than giving them those assets directly. As the person in question does not have direct control over these assets, government benefits will not factor these assets into determining eligilbity.
Much like a guardian provision in a trust, planning for the care of a special needs individual allows a guardian, such as a surviving parent, grandparent, or other trusted family member or friend to provide financial assistance without disrupting government benefits.
Special needs trusts can address all of the following and more:
- Appointing a legal guardian
- Appointing a trustee or trustees to hold and distributed money
- Instructing important aspects of the individual’s health, such as their education, where they will live, and other personal needs
The trustee can use the trust assets to cover expenses for your loved one. These expenses can include education, out of pocket medical costs, vacations, personal care services, and more.
Your Goals Are Our Priority
Our League City special needs lawyer at The McNair Law Group, PLLC focuses on assisting families throughout Texas to plan for the future of a special needs individual. We take a holistic approach to your needs, addressing not only financial and legal matters, but also the social aspects of your special needs child. We can help you preserve your legacy as their family.
Let our firm assist you. Call (281) 784-3340 or contact us online to schedule an initial consultation.