In this Elder Law Minute, Kaye DeSelms Dent explains why special needs planning should be part of your estate plan, how needs-based government benefits can be affected by an inheritance, and how a Special Needs Trust may help protect your loved one’s financial future.
Introduction
Hi I’m Kaye DeSelms Dent with Dent Coulson Elder Law here with an elder law minute for you. These videos are intended to educate you about the elder care journey which begins earlier in life than you might think. We hope that you find them useful and if you have further questions please call us at Dent Coulson Elder Law.
Why Special Needs Planning Matters
Today I want to remind you that if you have a child or other loved one with special needs that it may be very important to consider those special needs in your own estate planning.
What Is a Special Needs Trust?
Often the strategy is to use a special needs or supplemental needs trust those are the same thing.
Special or supplemental needs trust are in interchangeable terms that describe a trust that you can set up for the benefit of someone who is disabled in some way especially if they are receiving certain government benefits.
How an Inheritance Can Affect Government Benefits
Some of those government benefits are needs based which means that the disabled person is limited in the amount of assets they have often to two thousand dollars so you can’t leave them money directly without affecting those often very valuable benefits.
Protecting Benefits With a Supplemental Needs Trust
However if you leave assets in a properly drafted supplemental needs trust those assets won’t count towards that two thousand dollar limit.
Closing
For more information on special needs planning please contact west ri here at Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
