Disability Planning & Special Needs Trusts
At the Law Office of Shannon DeWall in Livonia, MI, we offer comprehensive disability planning services and special needs trust creation to safeguard your loved one’s financial future while preserving their eligibility for vital government benefits. Whether you are preparing for long-term care or need to secure support for a family member with special needs, our experienced team is here to provide legal guidance tailored to your situation.
Understanding Disability Planning
Disability planning ensures that if you or a loved one becomes incapacitated due to illness, injury, or aging, proper financial and healthcare decisions will be made in accordance with your wishes. This planning process includes creating legal documents that allow trusted individuals to manage assets, make healthcare decisions, and protect your loved ones’ quality of life.
What Is a Special Needs Trust?
A Special Needs Trust (also known as a Supplemental Needs Trust) is a crucial legal tool designed to protect the financial well-being of individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). By placing assets into a special needs trust, you can provide for your loved one’s future needs without disqualifying them from essential benefits.
Key Benefits of Special Needs Trusts
Special Needs Trusts offer several advantages for individuals with disabilities and their families. These include:
» Preservation of Government Benefits: Assets placed in a special needs trust do not count toward the asset limit for programs like Medicaid or SSI, allowing beneficiaries to continue receiving support.
» Financial Security: The trust ensures that your loved one has access to additional funds for expenses not covered by government assistance, such as education, medical care, and personal care services.
» Management of Assets: A trustee is appointed to manage the trust, ensuring that funds are used appropriately and according to your wishes.
» Flexibility: Special needs trusts can be tailored to meet the specific needs of your loved one, providing for their care and comfort throughout their lifetime.
Eligibility for a Special Needs Trust
Individuals with disabilities that affect their ability to work or live independently may benefit from a special needs trust. If your loved one is enrolled in programs like Medicaid or SSI, they may be at risk of losing those benefits if they inherit money or receive financial gifts. A special needs trust helps avoid this issue. Conditions that may warrant a special needs trust include:
» Physical disabilities
» Mental illness or developmental disabilities
» Cognitive impairments, such as memory loss
» Chronic illnesses or debilitating diseases
Real-Life Example: Protecting a Livonia Family’s Future
Consider the case of a Livonia family with a daughter who has autism. The family wanted to ensure that she would be financially secure throughout her life without losing her SSI and Medicaid benefits. By creating a special needs trust, they were able to allocate assets for her future care, which would provide for additional services and necessities beyond what government programs could offer. This planning gave the family peace of mind, knowing their daughter would have the support she needs while maintaining her benefits.
The Importance of Comprehensive Disability Planning
Disability planning goes beyond establishing a special needs trust. It includes legal documentation like powers of attorney, advance healthcare directives, and guardianships to address financial, healthcare, and personal care decisions if you or a loved one becomes incapacitated. These steps ensure that your wishes are followed, and the best interests of your loved one with special needs are protected.
Why Choose the Law Office of Shannon DeWall?
At the Law Office of Shannon DeWall, we understand the unique challenges families face when planning for individuals with disabilities. Our personalized approach allows us to craft disability plans and special needs trusts that meet your specific goals while ensuring compliance with state and federal laws. We work closely with you to evaluate your loved one’s needs and explore options that protect their financial future and quality of life.
How to Get Started with Special Needs Trusts
Creating a special needs trust can be a complex process, but it is essential for protecting your loved one’s financial future. We recommend starting with a consultation at our Livonia office, where we can assess your situation and guide you through the planning process. Our goal is to provide peace of mind by ensuring your loved one is well cared for and financially secure.
Planning for the future of a loved one with special needs requires careful legal and financial strategies. At the Law Office of Shannon DeWall, we are committed to helping Livonia families create comprehensive disability plans and special needs trusts that provide long-term security and support. Contact us today to schedule a consultation and take the first step in protecting your loved one’s future.