An Introduction to Special Needs Trusts
For families raising a child or children with special needs, Special Needs Trusts are often a cornerstone of thoughtful estate planning. When carefully crafted and responsibly managed, this type of trust can offer lasting protection, financial stability, and peace of mind—ensuring that the child’s future needs are met without compromising access to essential public benefits.
Special Needs Trusts can be established for adults with disabilities, not just children. In fact, they’re often a critical planning tool for adults who rely on means-tested government benefits like SSI, SSDI, and Medicaid, especially after receiving an inheritance, legal settlement, or other financial windfall that could otherwise disqualify them from assistance.
Maximize quality of life while protecting eligibility for government assistance.
A special needs trust allows you to provide funds that can help improve the quality of life for your special needs loved one without jeopardizing eligibility for necessary government assistance, such as Supplemental Security Income (SSI) and Medicaid. Funds in the trust can be used for all of the following and more:
· Medical procedures or therapies not available through government assistance
· Supplemental nursing home care and private companion services
· Travel expenses
· Entertainment expenses such as movies, concerts, or electronic equipment
· Fees for guardians and attorneys
· Other expenses, services, or products not provided by a government assistance program
It is important to note that the various government assistance programs have their own set of rules and that these rules can be extremely complicated. An improperly designed special needs trust could jeopardize your loved one’s eligibility for assistance from SSI, SSDI, and Medicaid. In addition, the care requirements of your special needs loved one will change over time, as will the financial situation of your family.
The Elder Advisors Law teams in Janesville and Wales bring deep expertise in the nuanced world of Special Needs Trusts. If you have questions or need guidance, they welcome the opportunity to listen, advise, and help you plan with confidence.
Confidence Starts with a Conversation
We welcome the opportunity to assist you with any questions you may have. Please feel free to reach out to us by phone or join one of our free workshops for valuable insights and personalized guidance.
Free Workshops
Elder Advisors Law workshops in Janesville and Wales, Wisconsin, are free. Creating an inviting and relaxed environment for attendees, these sessions deliver practical and actionable advice on safeguarding your well-being, preserving your assets, protecting your estate, and ensuring a lasting legacy for your loved ones.
