Special Needs Planning – Does the Type of Disability Matter?
When you have a child with special needs, it is important to plan for their future. Special Needs planning is an essential tool to ensuring your child is taken care of past the age of eighteen. However, the question may arise, “Does the type of disability matter?” In special needs planning, when asking does the type of disability matter, the answer depends on what aspect of special needs planning, but the general answer is that the type of disability does not matter.
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Questions And Answers
Special needs planning is a type of estate planning that pertains to children with disabilities. Most commonly, this takes the form of a special/supplemental needs trust or legal guardianship for children who have turned eighteen.
No, the type of disability does not matter. There can, however, be nuances depending on what you are doing within special needs planning.
When it comes to special needs planning, the type of disability a person lives with does not affect the establishment of a long-term plan in any way. Disabilities can be diagnosed at birth, developmental, or they can be show up later in life through illness or injury. In these cases and others, what matters is to start special needs planning as early as possible in order to secure the best options for individuals and families with disabilities.
It is important to note that the assets and funds that are held within a special needs trust are to be used in a manner that supplements and enriches the life of someone with a disability. Another way to look at it is that the funds are to be used for things that would not be covered under a government program. For example, home furnishings, computers, televisions, etc. Experiences such as travel or concerts also qualify for financing through a special needs trust. A trust cannot be used for basic needs like groceries, utilities, or housing as these items are covered through public benefits.
One of the most common mistakes people make when creating a special needs trust is procrastination. This is especially true for parents of children who are born with disabilities. Setting up a trust early in the child’s life allows for contributions and gifts to accumulate and grow throughout the years without penalties. Another mistake is trying to set up a special needs trust without legal assistance. There are a lot of “DIY” tutorials available, but unless a person specializes in New York law, government programs, and public benefits, there is a wide margin of error that can occur and result in a disabled person being left out of critical benefits. Failing to make a special needs trust irrevocable is one more mistake that is quite common. This is particularly true for self-settled special needs trusts. A trust that is revocable can be considered an asset under certain government programs. As such, they can be counted against an individual’s asset threshold, making them ineligible for certain programs and benefits.
A special needs trust is designed, in part, to keep others from taking advantage of someone with a disability. However, even within the sound legal structure of a trust, misuse of funds can still occur. In order to prevent this from happening, the trustor needs to ensure that specific instructions are included in the trust document with regards to how the funds are to be managed and administered. Another important preventative measure is to designate a trustee that is reliable and who will oversee the trust with integrity and honesty.
A special needs trust is designed, in part, to keep others from taking advantage of someone with a disability. However, even within the sound legal structure of a trust, misuse of funds can still occur. In order to prevent this from happening, the trustor needs to ensure that specific instructions are included in the trust document with regards to how the funds are to be managed and administered. Another important preventative measure is to designate a trustee that is reliable and who will oversee the trust with integrity and honesty.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.
At Morgan Legal Group, P.C., we handle estate planning as well as the creation of special needs plans and trusts. We understand that for many families, estate planning and special needs planning go hand in hand. This is why, in addition to their extensive knowledge of the best estate planning practices, our attorneys specialize in the laws, programs, and benefits for individuals with disabilities.