At Heritage Law Office, we understand the importance of estate planning in protecting assets for individuals with special needs. When a loved one has a special need, it's essential to have a comprehensive estate plan in place to ensure that they are taken care of now and in the future. Without proper planning, a significant portion of assets may be spent on care, leaving nothing for the individual's future needs or to pass on to other family members.
Special Needs Trusts: Providing for the future without compromising government benefits
One important aspect of estate planning for individuals with special needs is the use of special needs trusts. A special needs trust is a type of trust that is specifically designed to provide for the care and support of a person with special needs, without disqualifying them from receiving government benefits such as Medicaid and Supplemental Security Income (SSI). A special needs trust can hold assets, such as cash, investments, and property, and can be used to pay for things like medical expenses, therapy, and adaptive equipment.
The importance of "letter of intent" for individuals with special needs
Another important aspect of estate planning for individuals with special needs is the use of a "letter of intent." This is a document that provides information about the individual's likes, dislikes, medical history, and other important information that can be useful for caregivers, advocates and family members in the future.
Guardianship and conservatorship: Protecting the assets and well-being of individuals with special needs
Additionally, it's also essential to consider the role of guardianship or conservatorship in estate planning for individuals with special needs. These legal mechanisms allow a designated person to make decisions on behalf of the individual with special needs when they are unable to do so themselves. A guardianship or conservatorship order can help ensure that the individual's assets and medical needs are being managed properly and that their best interests are being protected.
Contact Heritage Law Office for personalized advice on estate planning for individuals with special needs.
At Heritage Law Office, we understand that estate planning for individuals with special needs can be a complex and emotional process. It's important to have a plan in place that takes into account the unique needs and circumstances of the individual with special needs, as well as the goals and concerns of the family. Our attorneys have the knowledge and experience to guide you through the process and provide personalized advice on how to protect your loved one's assets and ensure their long-term care and support. Our attorneys will work closely with you, your family and other professionals to create a comprehensive estate plan that meets your needs and provides peace of mind.
Contact us today by calling 414-253-8500 or by sending us a message to schedule a consultation and take the first step in creating a comprehensive estate plan for your loved one with special needs.