Special Needs Planning

It is a type of estate planning that is designed to provide for individuals with disabilities or other special needs. The goal of special needs planning is to ensure that these individuals are able to receive the care and support they need throughout their lives, without jeopardizing their eligibility for government benefits or other forms of assistance.
Special needs planning typically involves the creation of a special needs trust, which is a legal entity that holds assets for the benefit of the individual with special needs. The trust is managed by a trustee, who is responsible for using the trust assets to provide for the individual's needs in a way that does not interfere with their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI).
The funds in a special needs trust can be used to pay for a wide range of expenses related to the individual's care, including medical expenses, housing, education, and other forms of support. By using a special needs trust, the individual can receive the care and support they need while still qualifying for government benefits.
Special needs planning may also involve other estate planning strategies such as powers of attorney and guardianships, which can help ensure that the individual's needs are met even if they are unable to make decisions for themselves.
Overall, special needs planning is a crucial part of estate planning for families with individuals with disabilities or other special needs. It requires careful consideration of the individual's unique situation and goals, and may involve working with a team of professionals including estate planning attorneys, financial advisors, and social workers to ensure that all legal and financial requirements are met.

How does Special Needs work?
Special needs planning works by creating a customized plan to provide for the long-term care and support of an individual with disabilities or other special needs, while also preserving their eligibility for government benefits.
Here are some key elements of special needs planning:
❖Special needs trust
A special needs trust is a legal entity that holds assets for the benefit of an individual with special needs. 
❖ Estate planning documents
Estate planning documents such as wills, powers of attorney, and guardianships can be used to ensure that the individual's needs are met even if they are unable to make decisions for themselves. 
❖ Financial planning
Financial planning is an important part of special needs planning. It involves determining the resources that will be needed to provide for the individual's care and support over their lifetime, and identifying the sources of funding such as government benefits, personal savings, and life insurance.
❖ Public benefits
Understanding the public benefits that are available to individuals with special needs is critical to successful special needs planning.
❖ Family support
This may involve identifying family members or other trusted individuals who can provide care and support for the individual with special needs, as well as ensuring that these individuals are included in the planning process.
Overall, special needs planning requires a comprehensive approach that takes into account the individual's unique needs and circumstances. It often involves working with a team of professionals such as estate planning attorneys, financial advisors, and social workers to ensure that all legal and financial requirements are met.