Special Needs Planning
All parents plan for their children’s future and when a child has special needs these plans need an extra dimension of planning. We will listen to your family’s goals and help you develop a comprehensive estate plan. Special needs planning is a unique part of estate planning that requires much care, thought and understanding.
“I believe each individual with a disability has his or her own unique potential and your estate plan should reflect your goals for the future. I know that there are many demands on your time and resources: medical, educational, social, and recreational; but I encourage you to also look down the road and plan for your child’s future.”
— Sarah E. Oliai, Attorney and Counselor at Law
Special Needs Trust or Supplemental Needs Trust
A special needs trust is created for a disabled individual (the beneficiary) with the intent of allowing distributions from the trust to the beneficiary while the beneficiary has the option to maintain eligibility for government benefits that are "needs based" benefits.
A special needs trust can be created by a disabled person's own assets or by a third-party gifting assets to the trust. This is a very important distinction and one that should be discussed with an attorney.
The most common goal of a Special Needs Trust (SNT) is to maximize the client's government benefits and therefore it is very important to understand the types of benefits the individual may receive. An SNT is to provide for "supplemental needs" of a disabled individual. Government benefits often only provide the bare minimum of the disabled individual's living expenses and/or medical expenses. Gifting assets over to a SNT rather than to the disabled individual preserves eligibility for such government benefits and allows the disabled individual to have a better quality of life. However the terms of such a trust and what the trust may pay for are dictated by the types of government benefits they wish to preserve, family goals and objectives.
An SNT is a very important document but one that should be prepared with careful research and a clear understanding of the needs of the disabled individual.
There are three types of guardianships:
Guardianship of the person
The incapacitated person needs assistance with medical care and decisions involving daily living.
Guardianship of the Estate
The incapacitated person has either real property or personal property and can no longer manage such property. A guardian is appointed to manage, protect, and use the estate for the benefit of the incapacitated person.
Guardianship of the Person and Estate
An incapacitated person who needs assistance with medical care, daily living decisions and management of real or personal property.
Estate Planning and Probate Law Services
At Oliai Law Firm, we will listen to you and help you build a pathway to reach your goals and dreams.