SPECIAL NEEDS TRUSTS
Ensuring that you, your child, or a loved one will be taken care of (both financially and medically) for the remainder of his or her life.
If you are a CAREGIVER for a child or loved one with special needs, you probably have worried about what may happen when you can no longer care for them. You may be an INDIVIDUAL with special needs yourself.
How can you ensure that you or your child or loved one will be taken care (both financially and medically) for the remainder of his or her life?
Often government benefits (Medical Assistance and Supplemental Security Income)(MA and SSI) are essential for the well-being of the special needs person. These are means-tested program so that if a recipient of program benefits receives a gift, inheritance, injury settlement, worker’s compensation award, the recipient will become ineligible for continued programs benefits. That person will have to use up his or her new-found funds until becoming eligible once again for program benefits. As you can imagine, the limited benefits of such government safety nets will not provide those loved ones with the resources that would allow them to enjoy a richer quality of life.
WHAT IS IT?
Special Needs Planning permits such special needs persons to continue receiving essential government benefits while at the same time providing assets that will meet the supplemental needs of the disabled person (those that go beyond food, shelter, and the medical and long term supports and services of MA).
SPECIAL NEEDS PLANNING may involve a SPECIAL NEEDS TRUST or a SUPPLEMENTAL NEEDS TRUST which preserves eligibility for needed government benefits while still providing fund additional needs that provide a richer quality of life for the special needs beneficiary.
These kinds of Trusts are highly specialized instruments that coordinates government benefits (such as Medical Assistance or Supplemental Social Security Income) with any assets left to special needs children, protects their income from financial predators, and makes sure funds are used in the way you believe is best for them.
HOW IT BENEFITS YOU
Special Needs individuals or their loving care givers can establish plans, which may involve these types of Trusts so as to provide a vast variety of life-enhancing expenditures without compromising the special needs person receipt of needed government benefits. Such benefits may include life enriching activities like attendance at religious services, supplemental education and tutoring, transportation, maintenance of vehicles, participation and materials for hobbies or recreation activities, athletic training or competitions, and much more.
HOW WE WORK
With more than thirty years of experience practicing in this area, special needs planning is a critical component of estate planning if you have a loved one with special needs whom you wish to provide for. After meeting with you and learning about the needs and the talents of your special loved one, we will prepare a plan customized to your unique desires for your loved ones that considers his or her special abilities. The Special Needs Plan that we establish will ensure that your loved one is provided for in appropriate ways for the remainder of their lives.
WICK LAW
David W. Wick
7015 Lynmar Lane
Edina, MN 55435
(651) 238-5551