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Special Needs PlanningThere are multiple considerations in planning for a loved one with special needs. Some of these considerations are, highly personal and emotional. For example, who is an appropriate caregiver if you are unable, due to incapacity or death, to provide care for your loved one? There are financial considerations as well. Your loved one may be receiving government benefits, including Medicare, Medicaid, Social Security Disability and Supplemental Security Income (SSI), to help pay for costs of care. Some of these benefits have financial eligibility requirements. Without proper planning, your loved one may lose some of their necessary benefits if he or she were to receive an inheritance or other financial gifts. Two important components of this type of planning are Special Needs Trusts and Caregiver Manuals. A Special Needs Trust can help to obtain or maintain government benefits and to provide financial security to your loved one. A Caregiver Manual is designed to pass along all of your experience and wisdom as caregiver to your loved one. This helps your loved one in a time of transition by giving your personal knowledge to another caregiver (for example, your loved one’s likes and dislikes, favorite foods, hobbies, etc.). You know your loved one the best – together we can design a plan that will assure quality of care, quality of life, access to government benefits and maintenance of financial resources for your loved one. Maybe you are not the care giver, but would like to have your assets in a position to help another family member or friend that has special needs – we can help you with this so that you have peace of mind that you are helping the people you care most about. |
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Huron Valley Law Center, PLC 2850 S. Milford Road Highland, Michigan 48357 |
Phone: 248.685.8743 Email: info@huronvalleylaw.com |
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