Special Needs Planning Protects Disabled Family Members
Nearly 10% of U.S. families include a disabled family member. In Newton and the surrounding area, those families turn to Lannik Law, LLC, for assistance with special needs planning. We understand the staggering costs of ongoing medical care, physical therapy and special equipment. Without a plan created by an experienced estate planning lawyer, the family member with special needs could become ineligible for critical government benefits, leaving his or her family to spend everything it has to cover the costs.
At Lannik Law, LLC, our Newton special needs planning lawyer creates special needs trusts in these situations. These trusts allow assets to be set aside to cover the costs associated with caring for a disabled family member, but those assets are not kept in the disabled person’s name. This prevents the disabled person from becoming disqualified for government assistance programs while allowing his or her family to retain control of the assets. To learn more about how we can assist you in protecting your loved ones, contact us to schedule a free consultation today.
What Special Needs Planning Accomplishes
Assets kept in special needs trusts can provide for the following and more:
- Medical care
- Dental care
- Transportation costs
- Food and clothing
- Physical therapy
- Special equipment
When setting up a special needs trust, we take great care to protect against tax consequences, as well as other threats, including dishonest trustees or family members. We also take great care to ensure that your plan for the special needs person in your life reflects your wishes for that person’s future. Special needs trusts can be funded with cash, stocks and securities, real estate and personal property. They can be named as owners of life insurance policies. Of course, they can also be coordinated with the estate plans of loved ones to ensure the disabled person will receive his or her inheritance in a manner that does not interfere with government disability benefits.
We Can Answer Your Questions About Special Needs Planning
Our estate planning lawyers have served Newton and surrounding communities for more than three decades. We invite you to call 617-485-0193 or use our online contact form to schedule a consultation. We will take the time to review the unique facts of your situation and recommend an effective course of action.