Flood & Masiuk LLC
Estate planning is an affair of the heart. When you plan your estate, you do everything possible to provide for the people that you love. It is your final act of giving, and this is a profound endeavor.
Personalized giving is key. Every family is unique, and each person in your family is in a different life situation. You should certainly take this into consideration when you are creating your estate plan.
Benefit Eligibility
You may have a loved one with special needs on your inheritance list. Many people with special needs are enrolled in government benefit programs like Medicaid and Supplemental Security Income.
These are programs that are only available to people who can demonstrate significant financial need. A change in financial status could result in a loss of benefits. This is something to keep in mind when you are putting an estate plan in place.
Supplemental Needs Trusts
It is possible to provide for a loved one with special needs through the creation of a supplemental needs trust. These trusts are sometimes called special needs trusts.
Government benefits do not pay for everything. When you create a special needs trust, the trustee that you choose can use the trust’s assets to provide for the supplemental needs of the beneficiary.
These would be needs that are not being met by government benefits. Under program rules, these expenditures would not impact benefit eligibility.
Free Report on Special Needs Planning
If you would like to learn more about special needs planning, we invite you to download our free report on the subject. This report will provide you with a solid foundation of information, and you can obtain access through this link: Special Needs Planning Report.
Southampton Special Needs Planning Consultation
We offer free consultations to our neighbors in the greater Bucks County area. You can simply send us a message through our contact page if you would like to schedule an appointment.
