While some parents in Lake Charles prepare to send their children off to college or out into the world for their first “grown-up” jobs, others are traveling a somewhat different path. Parents of special needs parents often provide care for their children for much longer than average, and with that comes certain obstacles, particularly those related to finances. When used as part of estate planning, special needs trusts can greatly benefit everyone involved.
There is no denying that health care is expensive. Covering the costs of regular therapies, medications and other related care for an individual with a disability or special needs can be even costlier. There are certain government assistance programs that can help, with two of the most common being Medicaid and Supplemental Security Income. However, these are needs-based programs, which can leave middle-income families with bills they cannot afford and no way to get help.
Establishing a special needs trust is an excellent solution. This type of trust is usually set up to benefit a person with disabilities, and manages their income and other assets — such as inheritances or personal injury settlements. This can help ensure continued financial support for adults with special needs, but can also help them qualify for SSI and Medicaid. These trusts are not counted as income, making it much more likely that individuals can get the help they desperately need.
Estate planning can be complicated for parents of children with special needs. Many worry about what will happen to their child’s care and well-being after they are gone. There are several steps that Lake Charles parents can take to ensure continued care for their child, and special needs trusts are just one of the many options available.