Assisting Parents To Best Provide for a Child With Special Needs
Our firm understands the challenges and financial issues associated with caring for a family member with physical or mental challenges. That is why Abrahams Kaslow & Cassman LLP has developed a solid understanding of Special Needs Trusts to assist families in planning how to provide for a lifetime of legal, financial, medical and educational needs.
Our Experience Allows You To Replace Worry With Reassurance
Our experienced attorneys understand how to navigate the complex issues of government benefits and the importance of creating the right plan to accommodate your child’s or other beneficiary’s needs.
The focus of estate planning often must be different when a family member has a special need. Federal law specifies that ownership of certain assets exceeding several thousand dollars in value disqualifies special needs individuals from receiving many government benefits. Therefore, inheritance is generally considered a “countable” asset and may cause your loved one to lose government benefits such as Supplemental Security Income or Medicaid.
Special Needs Trusts (SNT)
A Special Needs Trust can be established to hold resources provided to your child through gifts or bequests from family members or friends. The SNT offers a reliable way of safeguarding eligibility for government benefits, while at the same time allowing for additional benefits not provided by the government.
The main benefit of an SNT is the ability to use trust assets to give individuals with special needs “non-necessity” items that would not be available through government benefits. The trust allows funds to be used to make the beneficiary’s life better by providing benefits other than the bare necessities of life. These may include activities such as vacations, sporting event tickets, and items that make the beneficiary’s life easier, such as a ramp or chair lift and transportation to various events or cultural institutions.
Download our brochure Planning for your Special Needs Child and also get tips on the ten mistakes to avoid when planning for a loved one with special needs.