SPECIAL NEEDS PLANNING
ABOUT SPECIAL NEEDS PLANNING
Bluegrass Elderlaw, PLLC assists families with planning for their loved ones with special needs.. Persons with special needs need specific planning to enable them to remain eligible for benefits, such as Medicaid, disability, and supplemental security income (SSI). Disabilities may include: Downs syndrome (trisomy 21 or chromosome 21 translocation), ALS, dementia, Alzheimer’s disease, cancer, lupus, schizophrenia, major depression, and many others.
SPECIAL NEEDS TRUSTS
Special Needs Trusts (also known as “Supplemental Needs Trusts”) are a great device for planning. Persons who are disabled or have special needs can receive benefits from a trust while maintaining eligibility for government benefits. These trusts also allow for easier long-term management of funds.
These trusts can be set up as part of an estate plan. Additionally, a special needs trust can be used to hold funds from personal injury settlements.
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.
