Children with special needs require considerable care on a day-to-day basis, but there is also the matter of long-term planning to address. If you are waiting to get started, you’re not alone, but by doing so, you could jeopardize your ability to provide for your child with a disability to the fullest extent possible. Our experienced State College, PA, special needs planning attorneys at Kreisher Marshall & Associates, LLC, are well-equipped to help you establish plans that bolster your peace of mind and will continue supporting your child throughout their future.
The Sooner You Tackle the Concern, The Better
The sooner you address the matter of special needs planning, the more options that are likely to be available and the more flexibility your child will have in relation to their future. Ultimately, we can’t predict what the future holds. And while you are very likely to remain healthy and able to continue providing for your child with special needs for many years to come, there are no guarantees. This makes it in your and your child’s best interest to tackle related concerns sooner rather than later.
Protecting Eligibility for Government Benefits
A primary concern when it comes to special needs planning is protecting your child’s eligibility for government benefits like Medicaid and SSI. The government implements a means test that determines the limit regarding your child’s countable assets in relation to qualification. This makes it important to have special needs planning tools in place that safeguard your child’s eligibility while helping to ensure that their supplemental expenses will be covered.
A Third-Party Special Needs Trust
A third-party special needs trust (SNT) is a legal tool that someone other than your child funds. If you set up an SNT for your child, the funds included can be used to cover expenses like the following:
- Transportation
- Travel
- Recreational activities and hobbies
- Medical care not covered by Medicaid, including specialized therapies
- Ongoing education and adult learning
With a third-party SNT, no Medicaid payback provision attaches to your child’s estate.
A PA ABLE Savings Account
A PA ABLE savings account allows your child to save money for those costs that qualify as disability expenses, such as housing and education. These accounts have a savings limit attached that is determined by the government, and they do not jeopardize account holders in terms of government benefits.
Life Insurance
While an SNT can hold assets for your child’s needs into the future, the right life insurance policy can fund the trust. For example, if you were to pass away before your child’s SNT is adequately funded, a life insurance policy can ensure that they remain well provided for.
You Need Our Experienced State College, PA, Special Needs Lawyers on Your Side
Our practiced State College, PA, special needs planning attorneys at Kreisher Marshall & Associates, LLC, are committed to helping you establish well-considered special needs plans that put your concerns to rest. Engaging in careful planning early on comes with many benefits that include allowing you to address unexpected issues as they arise. Learn more by contacting us online or giving our firm a call at 814-458-6294 today.