In this Elder Law Minute, Kaye DeSelms Dent explains the best way to go about leaving assets to your loved ones with special needs.
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.
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. Often, the strategy is to use a special needs or supplemental needs trusts. Those are the same thing. Special or supplemental needs trusts are 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. 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. However, if you leave assets in a properly drafted supplemental needs trust, those assets won’t count towards that two-thousand dollar limit.
For more information about special needs planning, please contact Wes or I, here at Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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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.