If you have a loved one with special needs that you are responsible for, you may be worried about what may happen if you are no longer there to care for them. Fortunately, there are a few things you can do to ensure a dependent with special needs will be taken care of, even if you should suddenly pass away. Here are just some of the ways you can plan your estate to care for a loved one with special needs:
- Apply for government benefits
- If you have a dependent with special needs, there is a decent likelihood that they will be eligible for certain government benefits for people with disabilities. This includes Supplemental Security Income (SSI), Medicaid, and housing assistance, among others. The sooner you apply for these benefits, the sooner they can start assisting you with caring for your loved one.
- Set up a special needs trust
- In many cases, a special needs trust can supplement an estate plan to ensure your loved one is taken care of. This trust puts money or assets in the care of an appointed trustee, who is then responsible for managing those assets on behalf of your loved one. In this way, they can ensure your loved one will always have their financial needs taken care of without needing to worry about it themselves.
- Appoint a legal guardian
- You should also make sure to appoint a legal guardian for your dependent with special needs. A guardian is appointed by the court to watch over someone who cannot handle their own personal matters, such as someone with special needs. With a guardianship, you can ensure your loved one will always have someone to handle their legal, financial, and medical affairs.
- Set up an ABLE account
- An Achieving a Better Life Experience (ABLE) account is a special type of account that you can use to protect the finances of your dependent with special needs. Normally, you can be restricted from getting SSI benefits or other disability benefits if you exceed their threshold for income or assets. Money held in an ABLE account does not count towards that maximum, however, letting you put away more money for your loved one.
- Make backup plans
- Finally, you should always make sure you have backup plans in case your initial plans do not work out. This includes ensuring you have others able and willing to watch over your dependent with special needs in the event that you will no longer be able to do it yourself. However, to know what you might need, you should speak to a lawyer with experience handling estate planning for people with special needs.
The guardianship law attorneys at David J. Lorber & Associates, PLLC will work with you to determine whether a guardianship might be necessary for your loved one, and help you to get a guardianship that will suit your needs. For comprehensive guardianship and elder law services in New York, call David J. Lorber & Associates, PLLC at (631) 750-0900 or contact us online to schedule a free consultation at our Setauket office.
Recent Comments