Can I leave money for my disabled child without affecting his government benefits?
Posted on December 12, 2022 by shieldsandboris
Many parents with a disabled child worry about how their child will be cared for after their death.
More than that, they fear that if they leave money for the child, they will make the child ineligible for government benefits.
With the proper planning, you can have peace of mind knowing that you can leave money for the future care and maintenance of a disabled child without making them ineligible for government assistance.
A special needs trust is a perfect planning tool that allows you to put assets into the control of a trustee, who will manage the funds for the beneficiary disabled child.
Since the child does not own the assets, the child can remain eligible for government assistance. The trustee can manage the trust assets and distribute funds on behalf of the beneficiary. The trust assets can be used to help the disabled child maintain their lifestyle, care expenses, education, medical care, travel, or hobbies.
A special needs trust must be handled appropriately, and the funds distributed according to law to avoid pitfalls that could cause the beneficiary to lose their government benefits.
Our office can assist you with selecting a trustee, funding a special needs trust, and ensuring that distributions are made in accordance with the legal terms of the trust.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help you and your family.
A Guide to Alzheimer's Care
Planning for someone who has Alzheimer’s disease can be complicated. Proper planning in advance can help alleviate many frustrations as the disease progresses. The time to act is now. Learn the steps for proper planning from our eBook to ensure that things are handled according to your wishes and that you’ve taken the best steps possible to protect your loved ones and your family’s financial security.
When Someday Arrives
We wrote this book for retirees and child caregivers as a tool to allow you to stay at home as long as possible and as a guide of what to do if you or a loved one cannot stay at home. We believe every family has a legacy to protect, and it is our job to protect that legacy. The greatest risk to today’s retiree is a long-term care health crisis. Request your copy today to prepare for what the future holds.
What To Do When A Loved One Dies
Consumers and financial planners, use this book as a down-to-earth primer of estate planning and elder law! Learn about the duties, rights, and responsibilities of the executor or administrator of an estate and what you should expect from competent legal counsel when you have to probate an estate. Find tools such as a guide to help you retain competent counsel and even an estate organizer so you can organize your own affairs.
Don't Go Broke in a Nursing Home
Take back control of your life and provide excellent long-term care for your aging loved ones without going broke in the process. Find creative financial strategies to protect your assets and the quality of care you receive. In addition, learn about little-known tax incentives, how to choose the right home care providers, long-term care facilities, and how to manage the crisis.