If you have a child with special needs, it’s an immense responsibility that can leave you feeling overwhelmed. Putting a special needs plan into place, however, can provide you with the peace of mind that comes from ensuring your loved one will continue receiving the care and services they need. Special needs plans are uniquely complex and must be tailored to your specific circumstances, which makes it important to have skilled legal guidance in your corner from the start. Our experienced Bloomsburg special needs planning attorneys at Kreisher Marshall & Associates, LLC, have the legal insight and compassion to help.
Maintaining Your Child’s Financial Security into the Future
The goal when it comes to addressing the financial future of a child with special needs is to structure the necessary financial tools correctly. This comes down to coordinating your financial plans in protection of their eligibility for government benefits while continuing to provide for them when you’re no longer here to do so.
There is obviously a lot involved. And because the decisions you make now can make a big difference in your child’s future, a seasoned special needs planning lawyer is standing by to help.
Why Government Benefits Matter to Your Child’s Future Planning
For children with special needs, government programs like Medicaid and SSI tend to provide the financial foundation for their housing and medical care across their lifetime. This helps to ensure that your child will continue to be well supported as they age.
Your child’s eligibility for government programs is based on a means test, and as such, the assets held in their name must be below the specific threshold amount set by the government. There are important special needs planning tools that allow you to hold assets for the benefit of your child without the resources included being classified as personal assets.
The Special Needs Trust
A special needs trust is a legal tool that is specifically designed to hold assets for children with disabilities. The arrangement allows the designated trustee to make distributions from the trust that address your child’s supplemental expenses without affecting their eligibility for government services.
Money that you leave directly to your child qualifies as a personal resource. Once these resources exceed the means limit, your child will lose benefits until the excess funds have been spent down.
Funds kept in trust, however, can pay for supplemental needs that are not addressed by Medicaid or SSI without affecting eligibility for government benefits. These supplemental expenses can include needs like the following:
- Transportation
- Specialized therapeutic care
- Medical care not addressed by Medicaid
- Education
- Recreational activities
Don’t Wait to Consult with Our Experienced Bloomsburg Special Needs Lawyers
Our knowledgeable Bloomsburg special needs planning attorneys at Kreisher Marshall & Associates, LLC, will spare no effort in our focused quest to help secure your child’s financial future through careful planning. Learn more about everything we can do to help by contacting us online or giving our firm a call at 814-458-6294 today.