Special Needs Planning
An integral part of our practice is planning for individuals with special needs or who receive government benefits, such as Medicaid, SSI, or disability.
About Special Needs Planning
Bluegrass Elderlaw, PLLC assists families with special needs planning. Persons who are disabled or special needs need specific planning to enable them to remain eligible for benefits, such as Medicaid, disability, and supplemental security income (SSI). Disabilities may include: downs syndrome chromosome (21 trisomy or chromosome 21 translocation), ALS, dementia, Alzheimer’s disease, Asperger Syndrome, Autism, cancer, lupus, schizophrenia, major depression, and many others.
Special Needs Trusts
Special Needs Trusts (also known as “Supplemental Needs Trusts”) are a great devise for planning. Disabled or other special needs persons can receive benefits from trust while maintaining eligibility for government benefits. These trusts also allow for easier long-term management of funds for disabled loved ones.
These trusts can be set up as part of an estate plan. Additionally, a special needs trust can be used to hold funds from personal injury settlements.
Special needs planning is always dependent on the individual facts of the situation.
ABLE accounts allow disabled individuals to place a limited amount funds in a special account, which grow tax free. Funds in an ABLE accounts do not disqualify the individual for means-tested government benefits. In Kentucky, these accounts are known as STABLE accounts.
Planning for special needs persons is intensely fact dependent; attorneys planning for your loved ones should know the type of disability, the date on which the disability began, the type of income received, and information about the family structure. You should consult an attorney experienced in this area to learn more about what plans are right for you, your loved ones, and your situation.