Estate planning is only good to the extent that it takes an individual’s unique circumstances and goals into consideration. For this reason, there can never be a one size fits all estate plan. Because of circumstances, what works for one family will not necessarily work for another family. For families with special needs members, there are specific concerns that need to be addressed for an estate plan to be a good fit.
When parents know their children are in need, they will likely want to do something to help. Even when kids are adults, their parents just want make sure they are happy and healthy. If a child has special needs, the desire to provide support -- in all forms -- is likely heightened.
One of the big reasons to make use of special needs trusts is to ensure that disabled individuals can continue to receive government benefits, such as Supplemental Security Income and Medicaid. Because one cannot have more than $2,000 in personal assets in one's name in order to qualify for these programs, there isn't much wiggle room to provide disabled children with assets directly without compromising their ability to qualify for government support.
In our previous post, we began discussing ways parents can plan for the care of their disabled children. We mentioned special needs trusts as a great way to provide support for such children without harming their ability to qualify for government benefits down the road.
Planning for the care of disabled children is an issue that affects many parents. According to data from the U.S. Census Bureau, 12 percent of the population has a severe mental or physical disability. That is not a small amount.
Supplemental or special needs trust are a valuable tool in estate planning. Among other benefits, they are a great way to assist in caring for a disabled loved one without harming their ability to qualify for public benefits programs.
A solid Georgia estate plan will allow your assets to pass to your beneficiaries with the lowest possible estate tax cost. A good estate plan will also pass your assets in a form that best meets your desires and the needs of your beneficiaries.
Special needs trusts are a vital tool for families that have handicapped members who are unable to care for themselves. These trusts are a way to provide for special-needs children who will outlive their parents and ensure that these children will continue to have adequate support and housing.
A special needs trust is a vital financial planning tool for many of the 54 million Americans who have a mental or physical disability. Many disabled individuals have unique financial planning needs because of the federal and state laws that cap the amount of assets that a person can have in order to qualify for Medicaid and Supplemental Security Income.