Planning For A Loved One With Special Needs
If you have a child, spouse or other loved one with special needs, you may be aware that public assistance is critical for their basic needs. They may be on Medicaid, Supplemental Security Income (SSI) and other public benefits. These benefits have strict income and asset limits. Thus, giving money or assets to your loved one outright could disqualify them from much-needed benefits.
Fortunately, there are ways to provide for your loved one without jeopardizing their benefits. At Mignanelli & Associates, Ltd., our lawyers can help you put the right strategy into place to maximize your loved one’s quality of life. We are dedicated estate planning lawyers who have been serving generations of clients since 1984. With more than 50 combined years of experience, our legal team understands the intricacies of special needs planning, and we’re passionate about helping people craft a solid plan to support their loved ones. We work with clients throughout Rhode Island and Massachusetts.
Tools For Special Needs Planning
Depending on your loved one’s situation, you may need multiple tools to plan for their future. They may include:
- Special needs trust: This type of trust allows you to set aside funds for the benefit of your loved one with special needs. There are strict requirements to avoid disqualifying them from public benefits, however. Also known as supplemental needs trusts, they must not be used to pay for basic needs such as housing and utilities. These trusts can be funded with the beneficiary’s own assets (called a first-party trust) or with someone else’s assets (a third-party trust). They can be set up on an individual or pooled basis.
- Guardianship and conservatorship: These proceedings give you legal authority to make decisions and handle the affairs of a loved one who doesn’t have the legal capacity to do so themselves. If you have a child approaching age 18, it’s wise to start thinking about guardianship.
Our lawyers would be happy to help you develop the right tools for your loved one’s situation.
Take The Next Step In Providing For Your Loved One With Special Needs
Learn more about how we can help you protect your loved one and provide for them in the most effective way possible. To reach our Providence office, please call 401-340-3605 or reach out online. We offer free initial consultations.