Special Needs Planning
Caring for an individual with special needs is one of the most challenging and rewarding experiences for any family. Are you prepared if something happens to you? It’s imperative to ensure your loved one with special needs will be cared for and financially supported for years to come.
A common misconception is that you should disinherit your special needs child or loved one who is receiving Medicaid, disability, or other government benefits in order to maintain their eligibility and financial support. However, a carefully thought out and comprehensive trust can allow for funds or inheritance to be held for the benefit of your loved one while safeguarding their government benefits.
Special needs planning can start at any point in life, but planning as soon as possible can ensure significant government benefits aren’t jeopardized.
Your plan may include:
- Establishing a first-party special needs trust
- Establishing a third-party special needs trust
- Naming a trustee and providing instructions to manage the trust
- Naming guardian(s) and making provisions for those who will provide care
- Transferring assets that can be used for the benefit of the special needs individual
A special needs trust will account for current regulations, laws, and eligibility requirements, all the while incorporating your family’s needs, wishes, and desires.
Contact us for a consultation if you’re preparing for your future as you age, are facing an immediate need for long-term care solutions, or are a caregiver for an aging parent or someone with special needs.
We can be reached by phone at 513-672-6119 or by email at oksmith@cmrs-law.com. Our office is in Cincinnati, OH, with clients throughout the Greater Cincinnati area, Northern Kentucky, and the surrounding counties.