Planning for a loved one with special needs
November 12, 2024
POSTED IN: Special Needs TAGS: Special Needs Trusts, Trusts
Share this
Share on Facebook Share on Linkedin Share on Email
When planning for a loved one with special needs, its crucial to ensure their long-term financial and care needs are met without jeopardizing their government benefits.A Special Needs Trust (SNT) offers a solution by protecting these benefits while preserving assets for future use, ensuring your loved one has the support they need throughout their life.So, what are the requirements for creating an SNT, and is this a complicated process?There are some basic requirements foreverySNT.A special needs trust document must be created.Another requirement is that trustee distributions be discretionary, meaning that the trustee (the person handling the money) can decide how to use the funds, following the terms outlined in the trust.In addition, the beneficiary (the disabled person) is not entitled to income or principal from the SNT.
This means that the Trustee cannot give trust money to the disabled person directly; rather, the Trustee will use the funds to pay for the disabled persons needs.The disabled person, as the beneficiary of the SNT, must be under 65 when the trust is established.A special needs trust is not an option for disabled people over 65 who inherit or receive money from a settlement.However, there is almost always something that can be done to preserve excess assets and protect eligibility for public benefits programs.If this is you, call us at 404-843-0121 today to discuss asset protection.
You can also learn about asset protectionhere.There is more than one type of SNT, and each has different requirements in addition to those weve already mentioned.Some SNTs must include Medicaid pay-back provisions, while others allow leftover assets to be designated for other family members or charities.Some SNTs must also be for the sole benefit of the disabled person.Finally, some trusts are required to be irrevocable, meaning they cannot be changed after they are established, while others can be revocable, which allows for more flexibility if circumstances or needs change.We know this may sound complicated, so we will share an example.Jake has Downs syndrome and has always lived with his parents.
Jakes parents want to ensure he is set for life when something happens to them.Jakes parents are comfortable financially, but they are worried about leaving assets to Jake outright because they dont know how that would affect his ability to get public benefit programs, like Medicaid, later in life.Jakes parents sat down with our attorneys and determined that an SNT was the best way to leave an inheritance for Jake while allowing him to apply for benefits later if he needed them.
The type of SNT they established for Jake also provides for any money left over at Jakes death to go to their other children.An approval process is required before putting assets into the trust.Attorneys are required to send a draft of the SNT to the Trust Unit of the Georgia Department of Community Health.This will ensure that the trust meets all the necessary requirements.Families can be assured that their disabled loved ones needs will be met while their eligibility for public benefits will be protected.As you can see, it is crucial to consult anattorneywith experience in special needs trust planning to ensure the right type of trust is established for your loved one and all their other affairs are in order.
Hurley Elder Care Law, Georgias premiere elder law firm, offers complimentary phone consultations with our intake specialists to answer your special needs trust and elder law questions.Proactively planning for your loved one is essential to their long-term well-being.
Share this
Share on Facebook Share on Linkedin Share on Email
Posted in Special NeedsTags: Special Needs Trusts, Trusts
Posts navigation Get your flu and COVID-19 vaccinations
Subscribe to our blog and monthly newsletter.Subscribe to blog and newsletterFirst Name First name Email PhoneThis field is for validation purposes and should be left unchanged.
Share
Share on Facebook Share on Linkedin Share on Email
Featured Resources
Essential Estate Planning Documents: Making Choices, Taking Action Medicaid Eligibility: Myths, Misconceptions and Misinformation NEW Being Prepared: A Practical Guide to Getting Your Affairs in Order What to Do When a Loved One Dies Checklist
Upcoming Events
FREE CE Webinar Medicaid for Long-term Care: Understanding the Basics November 12, 2024 | 9:00 amFREE CE Webinar Dying in the 21st Century: A Modern Approach December 10, 2024 | 9:00 am
Search Search
Blog CategoriesAgingAging AllyAsset ProtectionElder LawEstate Planning (Wills, Trusts, and Powers of Attorney)Firm AnnouncementsGeneral InfoGuardianship & ConservatorshipLife Care PlanningLong-Term CareMedicaid PlanningMedicareNursing HomeProbateSpecial NeedsVeterans Benefits
Client TestimonialsIt's impossible to accurately describe the lost feeling of realizing you need power of attorney, updated will and general guidance all of a sudden when dealing with a parent with dementia.
The firms responsiveness has been superb, their work flawless and their advice kind, compassionate and professional.I'll forever know that their guidance prevented us from making many bad decisions.Neal R.Due to aging, escalating health and cost concerns for both my husband and myself, I chose to work with Hurley Elder Care to do care and estate planning.I am so very pleased with the result.
I have a much improved understanding of the complexity of this process, the necessary documents, timing, regulations and the need for professional guidance.Gina M.All I can say is Wow ! I have never seen a team attack and solve a problem like Hurley.We lost our father and two weeks later our mother suffered a severe stroke.Nursing home costs were draining their life savings, but Hurley found a solution and got things under control.Gary G.Superb service through a difficult maze of governmental regulations and requirements which are not navigable by an individual without a depth of knowledge that far exceeds mine.Wallace M.Hurley Elder Care Law went to work for my Mother and navigated all of the Government red tape and got her approved for Medicaid in short order.
I, as her POA, could not even begin to climb the mountain of paperwork on my own.David Q.Very comfortable atmosphere.They treat you like you are one of the family.Val B.
I couldnt have had a more pleasant experience when trying to navigate a situation that I wasnt prepared for.Hurley Elder Care Law as a whole and the many people who assisted me were so kind, considerate and helpful every step of the process I was going through.
I personally would like to thank Megan, Paul, Jennifer and especially Kiersten for helping me, keeping me on track and keeping me informed all the way through.I am very grateful.Anyone is in need of a friendly and super law firm.
I Highly recommended Hurley Elder Care Lawread moreread less Jim Anders 10/02/2024 I have had the privilege to work with Hurley Elder Care at a time in my life when I thought my world would crumble dealing with a difficult situation with my elderly parents.I cannot say enough nice things about the staff (specifically Kaila and Nicole).These two kept me calm and answered all of my questions quickly.
The dust has finally settled and I am beyond thankful for Mr.Hurley and his above and beyond staff!! I HIGHLY recommend this law firm for your elderly needs!!read moreread less Marci Ray 9/27/2024 Highly recommend Hurley Law.Everyone was so helpful.
Kelsie helped me through an extremely tough time with my Mom.Kelsie, Andrew and all of the staff got back to me quickly and walked me though everything.Thank you so much!!!!read moreread less Tricia Woodward 8/15/2024 During my wife's illness and eventual passing.
I can't express the professionalism and compassion I recieved from this law group.They were and are friends who I'll never forget.read moreread less Richard Nicholson 8/15/2024 The staff is very friendly and professional! The office is in a great location.Everything was explained thoroughly.
Great team of lawyers for your estate planningread moreread less denise bradley 8/07/2024 Wonderful law firm to work with.Everyone is so helpful and friendly.They take time to answer questions and listen to your needs but are extremely efficient in delivering the documents required.
Amazing experience all the way around!read moreread less David Dorsett 8/03/2024 Very knowledgeable and efficient! Smooth transaction handled professionally!read moreread less doris housley 7/17/2024 Caring professionals who have helped me feel much more secure about the future.read moreread less Jan Batson 7/16/2024 We were pleased with the methodical, thorough approach Hurley used to update or wills and handle details of our estate planning.We highly recommend their services.read moreread less Don Barnett 5/17/2024 We had a great experience with Hurley Elder Law.They helped us put my parents wills, advanced directive and POA in order.
They hold informative classes helping families to navigate all the new policies, laws and resources.Highly recommend.read moreread less Lisa McIntyre 5/17/2024 I needed to redraft my will, health care directive and power of attorney after my divorce and estrangement from a child.Needless to say, it was an emotionally delicate process but Jennifer was incredibly sympathetic and really knows her stuff! Shes uber-professional but personable and the entire revision process took a matter of several weeks and was fairly priced.
I love that the firm sends newsletters with articles that are of interest to those in the later stages of life and their loved ones who might be caring for them.Nobody enjoys thinking about their eventual demise but it must be done if you want to make it easier for those left behind.Highly recommend!read moreread less Karen Stearns 4/10/2024 Working with Jennifer and her team at Hurley was a great experience.
Communication is excellent and they were very professional and efficient throughout the entire process.Highly recommend them!read moreread less Harris Wattles 3/08/2024 I went to Hurley to get help for my wife.Everyone involved in the process has been informative, attentive, and compassionate.
Hurley is definitely the place to go when you need help!read moreread less D Gooden 2/04/2024 Wish I could give 10 stars.We left the meeting knowing we had received excellent advice.Advice was very clear and easy for my mother to understand.
We feel so lucky to have found Hurley Elder Care Law.read moreread less Tammy Davis 2/04/2024 I retained Hurley ECL in May of 2023 to work on behalf of my recently widowed mother.I cannot offer high enough praise for this outstanding firm.Their team approach is a model of efficiency, and efficacy.
The level of care they provide the client is unsurpassed in my experience.We were blessed to have been referred to them.read moreread less Louis Mura 12/23/2023 The entire staff was excellent to deal with.Courteous, professional, and knowledgeable service, they were always prompt in answering questions and being able to direct me through the process of selling my parents home.
I would not hesitate to recommend them for all of your elder care legal services.read moreread less James & Susie Wynn 12/09/2023
Hurley Elder Care Law Practice Areas
Practice Areas Medicaid PlanningAsset ProtectionWills, Trusts and Powers of AttorneySpecial Needs TrustsGuardianship & ConservatorshipProbateAging AllyLife Care PlanningVeterans Aid and Attendance
404.843.0121
[email protected]
M-F: 8:30 am 5 pm
Atlanta
2727 Paces Ferry Road SE Bldg.1, Suite 100 Atlanta, GA 30339
Directions
Peachtree City
2011 Commerce Drive, Suite 100 Peachtree City, GA 30269
Directions
Duluth
6340 Sugarloaf Parkway, Suite 200 Duluth, GA 30097
Directions
Woodstock
224 River Park North Dr.Woodstock, GA 30188
Directions
2024 Hurley Elder Care Law | Georgia's #1 Certified Elder Law Attorney.
All Rights Reserved.
Privacy | Terms and Conditions
Publisher: Hurley Elder Care Law ( Read More )
