If your loved one has been diagnosed with a disability or has special needs, you are likely wondering what you can do to ensure that they are protected, no matter the circumstances. One of the most important ways to protect a loved one with a disability is through special needs planning. Special needs planning will give you peace of mind, knowing that they are protected legally and financially.
Our team at GIlfix & La Poll Associates LLP can help you put together the legal tools needed to protect your loved ones in the long run.
Learn more about special needs planning in our webinar below!
Public Benefits Primer
There are multiple public benefits available for family members with special needs. Below are some of the most common public benefits:
SSDI: Social Security Disability Insurance
SSI: Suplemental Security Income
Others (IHSS, Section 8, etc.)
Creating a Life-Long Safety Net for Your Loved One
The cost to support a person with Autism Spectrum is around $1.4 to $2.4 million. For such a reason, it is vital that you have a plan in place to protect your loved one in the long-run.
The difference between your loved one having a safety net after you pass away and not having one will depend on your special needs trust. A special needs trust is the wisest and most efficient way to protect a disabled child. A special needs trust can help you retain public benefits like SSI and Medi-Cal; plus it can hold the family home for your loved one.
What Are the Benefits of a Special Needs Trust?
The purpose of a special needs trust is to help enhance your loved one’s quality of life. If your loved one has a disability, you might be worried about their living conditions in the future. Setting up a special needs trust will ensure that they have what they need – in addition to medical care. A special needs trust can help them with:
Food and Shelter
Can I Only Create a Special Needs Trust for a Child?
No, you can create a special needs trust for any one of your beneficiaries. You can create a special needs trust for your parents, siblings, grandchildren, grandparents, or even your godchildren. You can create a special needs trust for someone who isn’t even related to you.
Discover what steps you should take to create a special needs trust by contacting our Palo Alto estate planning attorneys today at (650) 683-9200!