If you have a loved one with special needs, it is important to make sure you have everything you need to ensure they will receive the care they deserve. Fortunately, there are a few legal instruments you can put in place to ensure they are appropriately cared for, even if you are no longer there to care for them. Here are five useful estate planning tools you should take advantage of for children with special needs:
- Special Needs Trust
- A special needs trust can be essential for helping children with significant mental, physical, or developmental problems. This type of trust allows you to put away money for your child, which will be managed on their behalf. That way, you can ensure they have money to cover their expenses while also protecting them from potential exploitation.
- Special Needs Guardianship
- A special needs guardianship can also be incredibly useful, especially if your child is approaching the age of adulthood. This type of guardianship allows you to make important legal, financial, and medical decisions for your child, regardless of how old they are. This means they never need to worry about being independent if they are not prepared to handle their own affairs.
- Supplemental Security Income (SSI)
- While it may not seem immediately obvious, Supplemental Security Income (or SSI for short) can be incredibly important for children with special needs. Since many children with severe disabilities will struggle to afford their own bills later in life, SSI can help cover some of their expenses. This can help you to care for your child by ensuring they always have money for their needs.
- Medicaid
- Not everyone is fortunate enough to be able to afford private health insurance to cover the needs of their disabled children. For that reason, they can apply for Medicaid, which can help cover the medical costs of caring for children with developmental disabilities. That way, they can focus on caring for their child, rather than worrying about what that care will cost them.
- ABLE Account
- An Achieving a Better Life Experience (ABLE) Account is a type of savings account with certain tax advantages for children with special needs. In effect, it allows them to save money in the account without it counting against their eligibility for programs like SSI or Medicaid. That way, you can save up for your child without worrying you will lose out on important benefits.
The estate law attorneys at David J. Lorber & Associates, PLLC will work with you to create an estate plan that suits your needs, and help you to protect yourself and your loved ones. For comprehensive estate 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.
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