Special Needs Trusts Lawyers in Raleigh Putting a Plan in Place to Protect Your Loved Ones

When it comes to estate planning, taking into consideration every aspect of your life is key to developing a plan that maximizes the benefits you and your family will receive. You may need to take estate planning more seriously if you have a child with special needs that needs consistent help far into the future. Special needs planning can be a viable option for you and your loved ones to get the most benefits possible, both from your own assets and from the assistance the government can provide. Parents of children with disabilities or special needs should consider the tremendous benefits of special needs planning. While all estate plans are different, ensuring your estate plan has the right tools in place to protect your loved ones long after you pass away can make all the difference in the world. Contact our team of special needs planning attorneys to help put your mind at ease that your child’s future will be well taken care of.

What is a Special Needs Trust?

Special needs planning essentially boils down to methods and legal tools, such as trusts, that can help rearrange your assets in order to retain many of the public benefits available for you and your child. These benefits can range from food stamps, Medicaid, and other benefits programs such as supplemental security income (SSI). By reorganizing your assets, your child may meet eligibility for programs such as Medicaid and the supplemental nutrition assistance program. Because restructuring your assets into a trust that can benefit your child is complex to achieve, seeking the help of attorneys experienced in helping parents just like you is critical to ensuring your estate plan has a trust put into place that can benefit the life of your child.

Is a Special Needs Trust Necessary If I Have a Special Needs Child?

While special needs planning isn’t mandatory, failing to take the proper steps to secure incredible benefits for your child can be detrimental to their long-term health. While you may think an inheritance will be enough to support your child following your death, they may end up losing all the assistance the government and the social security administration can provide them including Medicaid and other health care programs. By setting up an estate plan that utilizes a special needs trust, you can ensure your child gets the help they need to take care of their disability all while still having their inheritance to use for other costs. Another benefit of having a trust set up for your loved one is reducing taxes and minimizing other expenses that may be incurred without having a trust in place. Our law firm can provide you with the advice you need to make a sound decision about you and your child’s future.

How Can a Lawyer Help Me with Developing a Special Needs Trust?

Like most trusts, you may need to designate a trustee to ensure your trust is still operating optimally following your incapacitation or death. An estate planning lawyer can advise you on picking the right trustee for your trust and can even help the trustee themselves administer the trust when the time comes. An experienced estate planning attorney can also help manage the funds in your trust and reorganize trust assets to ensure your beneficiary is receiving the most care possible, including Medicaid.

Will Hiring a Lawyer Improve the Chances My Child is Taken Care of in the Future?

As a parent of someone with special needs, you should not take government benefits for granted. Unfortunately, many families do not qualify for these benefits because of the worth of their estate. Utilizing special needs planning, you can put yourself in the position to take care of your child long after you are no longer able to. As the beneficiary of a trust, your child can enjoy the assistance of not just one source of medical help, but multiple. The beneficiary of a trust set up through special needs planning can retain access to all the helpful programs provided by the government and still enjoy any inheritance that was left to them. Our law firm can work with you to ensure your child is well provided for. Give Thomas-Walters, PLLC a call at (919) 424-8277 to schedule a free consultation.