An estate plan can be created in a variety of ways so that a person can provide for their loved ones when they are no longer around to do so themselves. This is especially important when they have loved ones with special needs. Continue reading below to learn more about how to plan for a person with special needs and contact an experienced Alabama estate planning attorney for assistance.
Why is a Will or Trust Not Enough?
It is important to know that direct distributions of funds from an estate plan can end up disqualifying a loved one from government benefits. It is because of this that there are better ways to prepare for a person with special needs, such as a special needs estate plan. This provides the individual with more than just the essentials by focusing on unknown issues that can arise overtime. This ensures they will never be without certain “non-essentials” that are not covered by government-funded programs. This can include companionship, clothing, any necessary aid, dental care, the ability to see family, and more.
Who Needs a Special Needs Estate Plan?
Individuals who can benefit from the creation of a special needs estate plan are those who will never be able to live independently. This includes those who have certain conditions, such as autism or Down Syndrome. Others can include those with a progressively debilitating disease, such as Parkinson’s, Alzheimer’s, or ALS.
What is a Third-Party Supplemental Needs Trust?
The provisions that are included in an estate plan can vary depending on the needs of the individual and loved ones in question. For some families, a third-party supplemental needs may be in their best interest. Instead of an estate plan, this is a trust that can benefit a person with special needs through a third party, often a family member or friend. This is created with money set aside to provide for the special needs individual in order to make assets available to them without making them ineligible for public benefit programs, such as Medicaid and supplemental security income (SSI).
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Stone Crosby, P.C. has proudly served clients in Alabama for over 100 years. Our firm has experience handling matters including divorce and family law, estate planning and administration, business law, employment law, class actions, consumer protection, business law, real estate law, among many others. If you require quality legal representation, contact our firm today to schedule a consultation.