We are very proactive about the dissemination of useful information about estate planning topics that many people overlook. Far too many people act without full knowledge of all the facts, and they often make assumptions that yield negative consequences.
You will find a steady stream of information published right here on our firm’s law, and we have also compiled a comprehensive library of in-depth special reports that you can access through this website free of charge.
Another channel that we publish through is the highly respected financial website Forbes.com. We are regular contributors, and it is gratifying, because we are able to reach a very broad readership. As a result, families benefit, and this is our ultimate goal as committed estate planning professionals.
The most recent article that we have published on Forbes.com takes a look at special needs planning. Unfortunately, a very significant percentage of children are disabled to one extent or another. As of 2010, the figure was 2.8 million school-age children.
Clearly, many children with disabilities are going to require extensive medical care and treatment. It can be exorbitantly expensive. For example, a lifetime of care for an autistic child can cost millions of dollars.
Medicaid is typically going to be the solution. As you are probably aware, this is a government run health insurance program. It is jointly administered by the federal government along with each respective state government.
The Medicaid program is not automatically available to children with disabilities. To qualify for Medicaid, you must be able to prove that you have a significant level of financial need. This can lead to the belief that you have to disinherit a family member with special needs who is relying on Medicaid so that you do not cause a loss of benefits.
With the proper planning, this need not be the case. Medicaid is not going to pay for everything that the child could benefit from, so there will typically be unmet needs. You could convey assets into a special needs trust for the benefit of a loved one with a disability who is enrolled in the Medicaid program.
The trustee could use assets that have been conveyed into the trust to satisfy these unmet needs. As long as the rules are followed correctly, ongoing Medicaid eligibility would not be impacted.
As you can see, it is possible to improve your loved one’s quality of life in a safe and effective manner if you take the right steps.
Visit Us on Forbes.com
You can see the original article on Forbes.com if you click the following link: No, You Don’t Have to Disinherit a Child With Special Needs.
While you are there, you may want to poke around to read other useful articles that we have published on this influential website.
- An Overview of Estate Planning for Blended Families - December 9, 2021
- This Veterans Pension Can Defray Long-Term Care Costs - November 23, 2021
- Can You Modify a Living Trust? - November 18, 2021