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SPECIAL NEEDS PLANNING - Legacy Law Partners, PLLC

SPECIAL NEEDS PLANNING

Making Arrangements for Loved Ones With Disabilities

If you have a loved one with special needs or disabilities, planning for their future is one of the best ways to ensure their lifelong health and happiness. But with so many public benefits, government benefits, and private options, choosing the right path can be difficult without guidance. Fortunately, a special needs planning attorney can help you create a plan for your loved one to keep them safe even after your passing.

At Legacy Law Partners, PLLC, we are experienced in helping our clients create stable futures for their loved ones or children with special needs. Our team of attorneys can present all of your options, from public benefits to private trust funds that your loved one can take advantage of. We will review your finances and make recommendations based on your unique situation.

What Resources Are Available?

There are many ways to set up financial security for your loved one with special needs or developmental disabilities. Some of these may be public benefits, while others are private programs you can take advantage of.

Below are the main resources our team can help you with:

Public Benefits

In Connecticut, your loved one can build economic security with various public benefits. Social Security Income, Social Security Disability Income, and Medicaid are all possibilities that disabled individuals may be able to apply for. Our team can assist you by determining SSI, SSDI, and Medicaid eligibility, as well as helping your loved one submit their applications.

Special Needs Trust

A special needs trust is a type of trust that allows you to fund your loved one’s life while still letting them get public benefits. This type of trust is very common, and our special needs planning attorneys can advise you on whether it suits your situation.

Estate Planning

Creating an estate plan is essential for anyone wishing to distribute assets or wealth after death. For someone with a disabled child or vulnerable loved one, estate planning can become more complex. Our planning attorneys will help you protect your wealth and preserve it for the well-being of your family members.

Trust Administration

Managing a trust requires legal knowledge that can be difficult to obtain. Investing funds, maximizing benefits, and providing personal advocacy all help maintain the trust and preserve the quality of life for a disabled family member. Our team can manage your trusts to provide income for a disabled child or loved one.

Advocacy

Your loved one may simply need a professional to advocate for their legal rights as a disabled individual. Our team is here to help you and your family member find the public programs they are entitled to so they can maximize their benefits and financial security.

What is a Special Needs Trust?

A special needs trust is a kind of trust that allows individuals with special needs to fund their lifestyle. What’s different about a special needs trust is that this type of trust still allows individuals to take advantage of public benefits like Social Security and Medicaid. The funds within a special needs trust can pay for anything the beneficiary chooses, including housing, educational costs, medical expenses, home care, and more. Most government benefits do not cover all of these expenses, and so a special needs trust is there to supplement that income.

What Kinds of Special Needs Trusts Are There?

If you are interested in creating a special needs trust, it’s essential to understand the different types of trusts you can choose from. There are three main types of special needs trust, although two are more common.

Third-Party Special Needs Trust

A third-party special needs trust is similar to a traditional trust. This type of trust is funded by someone who is not the beneficiary, and it can be revocable or irrevocable. A third-party trust can be set up as a stand-alone trust or as a testamentary trust, the difference being whether the beneficiary can access the trust while the grantor is still alive or after the grantor’s death.

First-Party Special Needs Trust

A first-party special needs trust is funded by the beneficiary themselves. If an individual is mentally able, they can set up their own special needs trust to hold their income. This maintains their eligibility for public benefits. This special needs trust can also be created by a loved one using the beneficiary’s assets. First-party SNTs are used to repay Medicaid after the beneficiary passes away.

Pooled Trust

Pooled trusts are typically created by nonprofits and are used to fund the lifestyle of a disabled individual. Multiple families will contribute to the trust and name separate individuals as beneficiaries, and the nonprofit will name an appropriate trustee. Each beneficiary will be given their own account to get money from the trust.

Should I Hire an Attorney?

You only want the best for your loved one, and their financial security is no exception. Because many disabled individuals take advantage of public benefit programs, it can be challenging to determine how to fund their lifestyle without denying them those benefits. Fortunately, our special needs planning attorneys have years of experience and can help you create a plan that meets your loved one’s needs. If you want to learn more about public benefit programs, special needs trusts, or estate planning, contact Legacy Law Partners, PLLC, today by calling (203) 446-4725.

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