If your child, grandchild, or other younger relative has special needs, it is important to consider how their condition and abilities are going to impact their lives well into the future. It is especially important to consider how they will continue to survive and support themselves upon your passing.
For this reason, working with a special needs planning attorney in St. Louis, Missouri at The Law Office of David S. Schleiffarth, LLC may be in your best interests. The sooner you have your special needs plans in place, the sooner you can access the peace of mind you and your family deserve. Contact our team for a confidential consultation today and learn more about what elements should be included in your special needs planning.
What Does It Mean to Have “Special Needs?”
When your children, grandchildren, great-grandchildren, or other relatives have physical or psychological disabilities that make it difficult or impossible for them to take care of or provide for themselves, they may have special needs.
Many times, children who have special needs will require support throughout the course of their lives. It is important to consider how your children will continue on after you pass away. This is where Special Needs Planning can be a valuable resource for families like yours.
What Is Special Needs Planning?
Special Needs Planning includes a variety of details concerning what will happen to your children when you are no longer able to take care of or provide for them. Special Needs Planning may include:
- Ensuring your children still qualify for essential government benefits, including Medicaid and Supplemental Security Income (SSI)
- Setting up Special Needs Trusts
- Assigning Guardianship
- Terminating your child’s medical or educational decisions in advance
- How your child’s money will be managed
- Transition planning, including where your children will live or attends college once they reach the age of 18
- Preparation of Advance Directives
- Writing your Letter of Intent
- Setting up Testamentary Trusts
The Benefits of Special Needs Planning
With Special Needs Planning, you can help ensure funds are distributed directly to your disabled beneficiary and that they are not taken advantage of if you’re not around. It also helps ensure your child will have access to the funds they need to cover medical care, education, daily living expenses, and more.
Why You Need Special Needs Planning
You need to consider Special Needs Planning any time you have a child who is dealing with a physical or cognitive disability that makes it difficult or impossible for them to financially support themselves or care for themselves on a day-to-day basis. If your child is unable to make decisions on their own due to their special needs, having these plans in place could prove invaluable.
Get in Touch With a Special Needs Planning Attorney Today
The special needs planning process can often be complex since there are so many different elements to take into consideration. Having an experienced and knowledgeable special needs planning attorney in Missouri working for you can go a long way in helping to ensure your child’s or younger relative’s special needs plans are well thought-out, carefully crafted, and account for every potential complication.
When you need an estate planning attorney you can count on, reach out to The Law Office of David S. Schleiffarth, LLC for a confidential case review. You can reach us by phone or through our quick contact form to start working on your special needs plans as soon as today.
When to Start Special Needs Planning
It is never too early to start special needs planning. The sooner you can set these plans into place, the more protected your child will be in the event that you become incapacitated or pass away.
Do I Need to Create a Special Needs Trust?
The purpose of a Special Needs Trust is to provide a disabled beneficiary with access to funding. The assets of a Special Needs Trust can be used on a variety of items, including:
- Mental health counseling
- Daily living expenses
- Health insurance
- Physical or occupational therapies
- Entertainment costs
Selecting Your Special Needs Trust Trustee
When you are making the decision for who should act as your Special Needs Trust Trustee, it is important to have no doubt as to whether your Trustee will follow the instructions you have laid out.
Many people choose a family member to act as the Trustee. However, you also have the option of choosing your Trust lawyer or a professional Trust company.
When to Call a Lawyer for Help With Your Special Needs Planning
You may not be sure whether you need a special needs planning attorney for help or how a Special Needs Trust lawyer can assist you in the process. However, with our firm working for you, we can help you put your goals into perspective and access the tools you need to formulate the Special Needs Plan you had in mind.
Your attorney can also help you avoid some of the more common mistakes associated with Special Needs Planning, such as:
- Failing to consider tax implications
- Relying on the wrong person to take care of your child with special needs
Approachable Estate Planning. From start to finish, we are here to shoulder the load and make Estate Planning easy!
Make an appointment
Call, text, or email and we will find a time that works with your schedule.
We discuss your life, family, financial situation, & Estate Planning goals. You do not need to bring anything.
You do nothing. Relax and we will prepare drafts of your documents in approximately 2 weeks.
Review & approval
You look over your documents. We answer questions and make any changes as needed.
Once your documents have met your satisfaction, you will sign the final drafts at our office. (In front of 2 witnesses and a notary–provided by us, of course).
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