State College Special Needs Planning

State College is a vibrant community and home to Pennsylvania State University and the Nittany Lions. State College residents are hard-working and invested in their future and their children’s future. Unfortunately, parents of children or adults with special needs can easily be overwhelmed with daily tasks, which can mean they don’t have the time or energy to plan for the future.

At Kreisher Marshall & Associates, LLC, our compassionate attorneys provide high-quality legal representation to the people living in the State College area. We can help you and your family navigate the challenging task of special needs planning, ensuring that your concerns and goals get addressed and your special needs family member gets the care and benefits they need.

Do you care for someone with special needs? Do you need help preparing for life’s milestones and unique transitions? Contact our office today at (570) 784-5211 to speak with an experienced attorney who can help guide you through the planning process. Our team proudly serves individuals living in the State College region.

What Is Special Needs Planning?

Children and adults with special needs have unique physical, mental, and financial needs. Some can live a happy and healthy life with minimal assistance from friends, family, and caregivers. Other individuals need constant and consistent support from family members, medical professionals, and outside caregivers.

Special needs planning is a strategic process that helps you prepare for the long-term care and financial stability of an individual with disabilities or special needs. It is a legal way to ensure that the physical, emotional, and financial needs of your loved one get met, even when you are no longer around to manage their affairs.

Understanding Special Needs Planning

Typically, a special needs plan does not focus on one element. Instead, a special needs plan should include multiple tools that address every unique aspect of your and your family’s situation. Every individual is different. An experienced attorney can review your circumstances and help point you toward the tools that make sense for your family’s situation.

Some of the legal tools and considerations that go into drafting a comprehensive special needs plan may include:

• Establishment of Special Needs (aka Supplemental Needs Trusts)
• Establishment of ABLE Accounts
• Guardianship
• Planning living arrangements
• Preserving eligibility for Medicare or Medicaid benefits
• Transition planning

The needs of your loved one are unique. That’s why you need help from a skilled attorney who can compassionately evaluate your situation and guide you toward the legal solutions that address your long-term goals for your vulnerable dependent.

Special Needs Trusts (aka Supplemental Needs Trusts)

A special needs trust (SNT) or Supplemental Needs Trust, is a legal entity that can be used to protect the financial stability of a loved one with special needs or disabilities. A parent, guardian, or trusted individual is designated as the trustee and has the authority to manage and administer the trust’s assets on behalf of the beneficiary. There are two distinct types of special needs trusts: those funded by the beneficiary’s resources and those funded by a third party.

A third-party special needs trust is created with funds provided by someone other than the beneficiary. Instead, someone such as the individual’s parents, family members, or others places their personal funds or assets into the trust. The trust outlines that the assets held in the third-party trust provide for the needs of the disabled beneficiary. When the beneficiary passes away, the assets in the trust get distributed according to the trust’s terms or at the trustee’s discretion. Assets in a third-party trust do not need to be used to repay public benefits or satisfy other beneficiary debts.

A self-settled or first-party special needs trust is funded by assets belonging to the intended beneficiary. These funds are often from an inheritance, legal settlement, or other sources. Often, a self-settled SNT is created by a parent, family member, or legal guardian. The trust must also be funded with the beneficiary’s assets before they turn 65. When the beneficiary passes away, the trustee must use the remaining assets to repay state benefits like Medicaid.

Pooled trusts are entities managed by a non-profit organization to benefit multiple individuals with special needs or disabilities. The organization can create separate accounts for each beneficiary, but the management and investments of the assets get pooled. These trusts are funded with the beneficiary’s own resources, and upon death, the trust balance and assets do not have to be used to repay benefits. Funds and assets can also be added to a pooled trust after the age of 65; however, that can potentially complicate eligibility for Medicaid benefits.

ABLE Accounts

The Achieving a Better Life Experience Act of 2014 gives tax and other financial benefits to individuals with disabilities and special needs who use an ABLE savings account to pay for qualifying disability expenses. These accounts are like 529 education savings accounts. Individual states offer ABLE accounts, which are excellent companions to special needs trusts.

Why You Need A Special Needs Planning Attorney

Numerous special needs planning tools can help you create a plan that addresses your family members’ health, financial needs, and well-being. Which tools are right for your loved one depends on their financial standing and caregiving needs. An experienced attorney can help you create a comprehensive plan that accounts for government and Medicaid resource limits for receiving benefits, establishes financial security, and addresses living and guardianship arrangements.

At Kreisher Marshall & Associates, LLC, our legal team understands that you may be overwhelmed just by being a family member of an individual with special needs. You know you need to establish a plan but may not have the energy or capacity to make everything come together. That’s why you need the guidance and compassionate support of a special needs planning attorney serving the State College area.

We dedicate ourselves to helping you find special needs planning solutions that address your family member’s needs and cover your concerns and goals. Nothing is more important to our team than ensuring that your loved one has the financial stability and care they need to live as healthy, happy, and fulfilling a life as possible.

Contact A Special Needs Planning Attorney Today For Help

At Kreisher Marshall & Associates, LLC, we have an outstanding track record of helping family members plan for the future. If you live in the State College region and need help preparing a special needs plan for your loved one, we want to support you. Contact our office today at (570) 784-5211 and request a confidential legal consultation. Let’s work together to find special needs planning solutions that will protect your cherished family member physically and financially.