SPECIAL NEEDS PLANNING

ABOUT SPECIAL NEEDS PLANNING

Bluegrass Elderlaw, PLLC assists families with planning for their loved ones with disabilities. People with disabilities need careful planning to maintain their government benefits they receive from their qualifying disability. Having too much money in their own name can make someone lose their benefits.

This can include Medicaid, disability, and supplemental security income (SSI). Maintaining their benefits assures their quality of life and secures their financial future.

We believe that every client is unique, and make personalized recommendations based on your specific situation. Our goal is to enhance the qualify of life for your loved ones with disabilities. Let us help you ensure that your family members are well-protected, and their financial future is secure.

ABOUT SPECIAL NEEDS TRUSTS

Special Needs Trusts (also known as “Supplemental Needs Trusts” or "SNTs") are a great device for planning. Persons who are disabled or have special needs can receive benefits from a trust while still receiving government benefits. These trusts also allow for easier long-term management of funds.

We often set up SNTs as part of an estate plan. However, SNTs can also be used to hold funds for other reasons like personal injury settlements or an inheritance.

If you have questions about whether an SNT is right for you or your loved one, please contact our office.

OTHER OPTIONS

Special needs planning is always dependent on the individual facts of the situation.

ABLE accounts allow individuals with a disability to place a limited amount funds in a special account, which grow tax free. Funds in an ABLE accounts do not disqualify the individual for means-tested government benefits. In Kentucky, these accounts are known as STABLE accounts.

Powers-of-Attorney are important for adults with disabilities. Adults who cannot sign a power-of-attorney will likely need a guardianship.

Planning for persons with special needs is intensely fact dependent; attorneys planning for your loved ones should know the type of disability, the date on which the disability began, the type of income received, and information about the family structure. You should consult an attorney experienced in this area to learn more about what plans are right for you, your loved ones, and your situation.

For more information, check out the Special Needs Planning section of our Resources page!