Glastonbury trust attorneys can provide you with personalized help and advice in addressing the needs of your heirs or beneficiaries. It can be especially important for you to make plans to provide for your loved ones if you have a disabled child that you need to provide for.
In these circumstances, you want to work with an attorney before you make plans to provide an inheritance so you can ensure you are providing sufficient funds for your child’s care and so you can ensure that other key issues are addressed, such as protecting access to benefits.
Nirenstein, Horowitz & Associates can help with these issues and many more. To find out more about the ways in which our Glastonbury trust attorneys can help you to make sure your special needs child is provided for, give us a call today.
How Glastonbury Trust Attorneys Help You Make Sure Your Disabled Child is Provided For
One of the issues that parents of a disabled child face is the issue of where their child will live and who will provide physical care for a child who cannot live by himself or herself. You should address this issue first and foremost because you want to make certain your child has a safe living environment. This could involve finding a care facility or a younger family member willing to provide care when you are gone. If you want to place your child in a care facility, you may need to ensure there is enough money to pay for this institution. This could mean purchasing a life insurance policy.
Aside from making sure there is someone to provide day-to-day care for your disabled child, it is also important to make a plan for how your child will be provided for financially. Many times, children with serious disabilities will not be able to work because of their conditions or will be only able to earn a very small amount of money. You likely want to provide an inheritance in order to enhance their quality of life, but you must be careful in doing so for a few different reasons.
One of the issues that arises when leaving money to a child with a disabling condition is that the child may not be able to manage the assets and invest appropriately. Another issue is that the transfer of assets to the child, either during your lifetime or after your death, could result in the child having too many financial resources and thus no longer qualifying for means-tested Medicaid coverage.
Medicaid can pay for institutional care if your child is in a facility, for long-term care at home, and for many other important types of medical care. It might be the only insurance your disabled child has access to if your child cannot work and obtain employer-provided insurance or if your child cannot afford to pay premiums for private care.
But, because Medicaid is means-tested and resource limits could apply, providing a large inheritance to a disabled child could cause disqualification.
The good news is, Glastonbury trust attorneys can help you to address both of these key issues through the creation of a special needs trust. A special needs trust allows you to designate a trustee who will be responsible for managing the assets in the trust and using those assets to provide the best quality of life for your disabled child. The money in the special needs trust is also owned by the trust, not by your child, and as long as no cash or cash equivalents are given to your disabled child, the inheritance in the special needs trust will not cause disqualification from Medicaid.
Getting Help from Glastonbury Trust Attorneys
Glastonbury trust attorneys at Nirenstein, Horowitz & Associates are ready to help you make plans to provide for your special needs child so you can ensure your child is cared for after you are no longer there to provide physical care or financial support.
To find out more about how our firm can help you, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to learn more about the personalized help and support that we can provide as you make plans to secure your disabled child’s future.
- Proper Planning Can Prevent a Conservatorship - September 16, 2021
- The Tax Man Cometh: Adjust Your Estate Plan Now - September 14, 2021
- Does Medicaid Seize Remaining Assets in a Special Needs Trust? - September 9, 2021