Special Needs Planning
Millender Elder Law has experience serving families with a loved one with special needs. Because of the complex rules that need to be met in order to qualify for public benefits, providing for a loved one with special needs can be challenging. Most families are unaware of the options available to them. For instance, one common planning technique for children is to name them as beneficiaries of an inheritance. If a child with special needs receives an inheritance, such as savings accounts, investments, retirement plan benefits, an insurance policy, or annuity, the child will likely have his or her public benefits reduced or eliminated. In an attempt to avoid making a financial mistake, some parents make the difficult decision to disinherit their special needs child. However, there are much better ways to protect the child with special needs.
Working with Millender Elder Law can help you provide for your loved ones with special needs. Our firm has experience working with parents and grandparents to create a Third Party Supplemental Needs Trust. A Third Party Supplemental Needs Trust is a Trust that allows a parent or grandparent to transfer assets into the Trust for the benefit of the person with special needs. As long as specific provisions are drafted into the document, the assets transferred into the Third Party Supplemental Needs Trust can be used to provide for the needs of your loved one with special needs while allowing him or her to maintain eligibility for their governmental benefits, including Supplemental Security Income (SSI) or Medicaid.
Another part of special needs planning is protecting benefits for an individual who is receiving a settlement or an inheritance. This protection is achieved with the use of a First Party Special Needs Trust, a Pooled Trust, or perhaps an ABLE account (Achieving a Better Life Experience). We can help you explore these options and make a decision on how best to protect public benefits in such situations.
Contact Millender Elder Law to learn the best way to provide for and protect your loved ones with special needs.
Millender Elder Law LLC
1441 Main Street, Suite 725
Columbia, SC 29201
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