Parents often divide their estates equally among their children. If the children are healthy, this approach is very reasonable. However, if a child has special needs, that child may need more or less than an equal share. In order to make that determination, it is important to have a Special Needs Planning designed for your child. A properly designed and administered Special Needs Planning Trust will serve to supplement public benefits such as Supplemental Security Income and Medicaid without jeopardizing eligibility. Without a special needs trust, an individual who receives assets through an inheritance or lawsuit settlement and who received Medicaid or Supplemental Security Income benefits, or will apply for them in the future, loses eligibility for the benefits. Disqualification from eligibility can mean loss of healthcare coverage and loss of a monthly government stipend.
If you believe a special needs trust may provide the security your dependent needs, we would be pleased to discuss your options with you.