Parents of a child with a mental or physical disability face unique challenges. Whether a child is still a minor or they become an adult, you probably have concerns about making sure they are protected after you are gone. It is crucial to plan for your child's future when they have a mental or physical disability. Children who rely on parents for support and guidance can face difficulties adjusting to life after one or both of their parents is gone. You can take steps now to ensure that your loved one's needs are met after you are gone. Taking the time to engage in special needs estate planning is one of the best gifts you can give your loved ones.
Utilizing Government Benefits Available to People With Special NeedsNorth Carolina and the federal government provide various benefit programs for people with special needs. An important part of estate planning involves ensuring that your loved one who has special needs can still utilize government aid. Many individuals with special needs have medical conditions that require frequent doctor's appointments. Maintaining their state health insurance is incredibly important because it will allow them to access the health care they need. However, should your loved one inherit a large sum of money, he or she could become ineligible for state benefits.
An estate planning attorney can help your loved one maintain his or her Medicaid Eligibility. Medicaid is a government program administered by North Carolina and the federal government, which provides long-term care services and covers medical costs. Many parents assume that they will give their special needs children a lump sum of money to help take care of them.
Unfortunately, should your loved one inherit a lump sum, doing so could make him or her ineligible for Medicaid benefits. A special needs estate planning lawyer can help you create a special needs trust that will allow your loved one to retain public benefits while providing them with additional financial support.
Preparing a Special Needs FileParents of special-needs children understand how important it is to keep records of their children's medical visits and financial affairs. Helping your child receive all of the care and medical treatment she needs due to a special need can sometimes seem like a part-time job. Similarly, one key part of special needs estate planning is to gather all the documents you and your child will need to prepare for the future. Engaging in estate planning can seem overwhelming, especially for busy parents.
However, the special needs estate planning lawyers at Arnold & Smith, PLLC, are here to help. We can help you gather the information you need for your special needs estate plan. Working with a lawyer to complete a comprehensive estate plan is invaluable. Whether you would like to begin creating an estate plan, or you are in an emergency and you cannot gather all the information you need, our legal team can help.
Creating a Special Needs TrustSpecial Needs Trusts have become more popular than ever, and for good reason. As we mentioned above, if you simply give your child with special needs a large sum of money, it could make them ineligible for critical public benefits. You can create a trust and appoint a trustee or trustees to manage the trust for your child with special needs. When you create a trust, you can transfer assets and property into the trust that will benefit your child after you pass away.
The trustees will manage the trust and spend the assets on your loved one according to the terms of the trust agreement you create. By creating a special needs trust, you will make sure that your loved one is provided for financially. However, the money will not technically be owned by your child. Therefore, the trust’s assets will not count against your loved one when he or she seeks to be deemed eligible for public benefits.
Contact a Charlotte Estate Planning LawyerAt Arnold & Smith, PLLC can help you create a trust that ensures you provide for your loved one after you are gone. We can help you set out detailed guidelines in the trust agreement. Many of our clients rest easier knowing that their children will receive extra spending money and money for housing and education in addition to public benefits. Contact our Charlotte estate planning lawyers today at 704-370-2828 to schedule your free initial consultation.