Estate Planning for Special Needs
Estate planning for someone with special needs has many variables that can’t be overlooked. Learn more about the process below, or contact one of our estate planning attorneys today.
As the parent of a special needs child or adult, you have a lot on your plate. Estate planning is probably not something you look forward to adding to your already full to-do list.
Estate planning for special needs should not be stressful. Our attorneys at the TGQ Law Firm can guide you through the process. We understand what you are going through and will work hard to protect your child’s well-being and peace of mind.
We are based in Ann Arbor and serve all of Michigan. Contact us at (734) 707-3232 or click here to schedule a free 15-minute consultation.
Living with a disability comes with financial and medical challenges. Estate planning for special needs can ensure that your child has the financial support and health care they need after you pass away or are no longer able to care for them.
With proper planning, you can ensure that your assets will be available to your child during their lifetime without hurting their eligibility for means-tested benefits such as:
These programs are only open to people below certain income and asset limits. If your child inherits a significant amount of money outright, they could lose eligibility for government assistance.
Estate planning for special needs can help to:
A critical step in the process is putting your assets in a special needs trust. This is a legal arrangement where a designated person (the trustee) manages the trust assets for the benefit of your child (the beneficiary) after you die.
The main function of these trusts is to hold the assets to protect them and maintain the beneficiary’s eligibility for benefits. Assets in special needs trusts do not affect eligibility.
You must seek legal assistance during this process. Benefits programs have different requirements that change often. A Michigan estate planning attorney from The TGQ Law Firm can help structure the trust to avoid risking eligibility.
Even if your child can access a special needs trust, they should use government benefits for daily expenses and supplemental care.
Trust money should only go toward quality-of-life expenses, such as education, recreation, or entertainment, and not basic needs. Trusts may also fund certain medical costs, such as speech therapy, dental, and mental health care.
Additionally, if you pass away without assigning another person to care for your special needs child, the state government will assign a conservator. Working with an Ann Arbor estate planning attorney is crucial to ensure that your child is in the best possible hands after your death
In addition to considering a special needs trust, you should keep all your child’s paperwork in one place for easy access by future caregivers and update it regularly. Some of this documentation includes:
At The TGQ Law Firm, we have been supporting parents in managing the affairs of their special needs children since 2008.
Whether you need an Ann Arbor probate attorney or a consultation on estate planning for special needs in Michigan, we can help.
Contact us at (734) 707-3232 or click here to schedule a free 15-minute consultation.