Special Needs Planning Attorney | Essex County | Massachusetts
Estate Planning & Probate
Free Initial Consultation:
(978) 810-7773
Special Needs Planning Attorney | Beverly | Massachusetts 01915
Special Needs Trusts are a critical component of your estate planning if you have disabled beneficiaries for whom you wish to provide after your passing. Working with an attorney who understands estate planning for special needs means having to worry a little less. Families with children who have special needs recognize the importance of collaboration. Our law firm has the experience and the expertise to establish effective Special Needs Trusts for anyone who wishes to provide for a disabled beneficiary.
Legal Planning for Children and Young Adults with Special Needs in Massachusetts
Raising a child with developmental or physical disabilities can be challenging. Between running to and from specialist appointments, IEP meetings, speech therapy, occupational therapy and caring for your child’s basic needs, there is little time to take care of the tasks of today, let alone plan for tomorrow. , if you would like to talk to our attorneys about your individual situation and how to put a fortress of protection around your child through all of life’s transitions, Contact
A key aspect of special needs planning is preserving access to public benefits like Supplemental Security Income (SSI) and Medicaid. Establishing a special needs trust offers several advantages, including:
– Managing finances throughout the child’s lifetime
– Protecting the child’s eligibility for public benefits
– Planning for future funding in case public benefits become restricted
Exploring Special Needs Estate Planning Options
When planning for your child’s future, consider these estate planning options for special needs:
- Disinherit Your Child: By not leaving any assets to your child, they can qualify for public benefits. However, it might impact their quality of life and limit their autonomy.
- Distribute to Siblings: Consider allocating your estate to siblings. While this may provide indirect support, it’s important to be aware of the potential uncertainties and risks, such as creditor claims, that could affect the funds for your special needs child.
- Leave an Inheritance: Direct inheritance offers some autonomy but may disqualify your child from public benefits, jeopardizing access to essential services.
- Create a Special Needs Trust: This is often the best approach. A special need trust not only allows your child to remain eligible for public assistance but also protects assets for long-term care and often preserves the estate’s integrity for other beneficiaries, providing a comprehensive solution for your child’s future.
Benefits of a Special Needs Trust:
- Simplifies estate planning for those with disabilities.
- Assets are managed by a trustee and not counted towards aid eligibility.
- Provides extra income while qualifying for SSI, Medicaid, etc.
- Can be set up even if the person already owns assets.
- Prevents disqualification from programs due to exceeding $2,000 in assets.
- Protects against well-intentioned but harmful will designations.
- Preserve family legacy and care quality.
- Allows asset distribution to other beneficiaries after the individual’s death.
What Types of Special Needs Trusts Are Available?
There are two main types of special needs trusts:
- Self-Settled Special Needs Trust: This type of trust is funded with the beneficiary’s assets. It is often used when a disabled individual receives an inheritance or a settlement from a personal injury lawsuit, which might otherwise disqualify them from public assistance. By placing these assets in a self-settled trust, they are excluded from consideration for public benefit eligibility. Upon the beneficiary’s passing, any remaining assets in the trust are used to reimburse the government for any expenses incurred.
- Third-Party Supplemental Special Needs Trust: This trust, established and funded by someone other than the beneficiary, such as a family member, offers a great deal of flexibility. It allows the disabled individual to retain eligibility for public assistance programs while safeguarding the assets held in the trust. These assets can be used for routine and exceptional needs, such as purchasing furniture for a child in a group home. If the beneficiary becomes ineligible for public programs, or if such programs are discontinued, the trust can provide necessary support. This flexibility empowers families to plan for the future and ensure the best possible care for their loved ones.
Plan Your Estate with Law Offices of Donald J. Fournier & Associates
Working with an attorney who understands estate planning for special needs means having to worry a little less. We provide special needs planning to help coordinate the legal, financial, and special care of children with special needs.