When someone you care about is disabled, planning for the future of the disabled individual is of utmost importance. You may be providing day-to-day care or financial support for a disabled individual, and may want to continue to provide assistance even after you have passed away. Unfortunately, providing for the needs of someone who is disabled can be complicated for many reasons.
The Law Offices of Cheryl David is experienced in special needs planning and our Greensboro attorneys will provide you with the guidance and assistance you need. The legacy you leave your disabled family member or friend should be a positive gift, and our attorneys will help to ensure that the money and property you leave behind is a blessing and not a curse.
Why You Need Help with Special Needs Planning
There are three primary reasons why you need help with special needs planning:
- You need to ensure the money is used appropriately for the benefit of the disabled individual.
- You need to ensure you are leaving enough money behind.
- You need to ensure the money and assets you leave to the disabled individual do not jeopardize government benefits. Many benefits, like Medicaid and Supplemental Security Income (SSI) are means tested, and a large inheritance could mean the end to eligibility.
Fulfilling these goals involves determining how best the money and property should be owned and managed, as well as ensuring that the funds you leave behind are not lost or diminished due to estate taxes.
How an Attorney Can Help With Special Needs Planning
An attorney can provide you with invaluable assistance in developing a comprehensive plan to provide for a disabled child or other loved one.
In most cases, the creation of a special needs trust is the best solution to leave money or property to someone who is disabled. Some of the myriad benefits of creating a special needs trust include:
- There is a trustee with a fiduciary duty to manage the money and property for the benefit of the disabled.
- The trust owns the assets, not the disabled individual. This preserves eligibility for government benefits the disabled individual may be depending upon.
- There is no need for the assets and property to transfer during probate. This means no delay in money available to the disabled beneficiary, and no worries about estate taxes taking a big chunk of the funds left behind.
- You have control over how the funds are spent. Perhaps you want the assets and money you leave behind to be used for a specific purpose. A trust gives you a chance to do that.
There are strict requirements and specific steps to take to create a special needs trust, so you should get in touch with a legal professional today who can help you to provide for a disabled relative or loved one.
Getting Help from a Special Needs Planning Lawyer in Greensboro
A special needs planning attorney in Greensboro can not only help with the creation of a special needs trust, but can also help you to explore other options to protect and provide for someone you love who is disabled. Call the Law Offices of Cheryl David today to learn more.