Griboff Law provides assistance to clients who have special needs family members by creating Special Needs Estate Plans. These tailored plans help them preserve government benefits while having their loved one cared for in all areas of their life.
“Adults with disabilities are living much longer than in the past, which means their aging parents must plan for the day when their dependent children outlive them.
The life expectancy for people with Down syndrome has increased from 12 years old in the 1940s to nearly 60 today. The majority of children born with cerebral palsy now live well into their 30s. Increasing numbers of children are also being diagnosed with autism, which by itself does not affect life expectancy.
And veterans of ongoing conflicts overseas, many without spouses, have been returning home with traumatic brain injuries and other disabilities.
Whether your child will live independently, require round-the-clock care or have needs somewhere in between, …..(planning is required) to ensure quality of life when you can no longer be the primary caregiver.” AARP, How Parents Can Build a Support System for Adult Children With Disabilities by Jenny Price, December 19, 2019
The United States government provides financial assistance through Medicaid, Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), but it is rarely sufficient to meet all the needs of the disabled person or person with special needs.
SPECIAL NEEDS TRUSTS
A Special Needs Trust is a crucial legal tool that holds assets to care for and protect the elderly and people with disabilities and special needs, while allowing them to continue to receive their government benefits. Special Needs Trusts may be created with the proceeds from a judgment or settlement or by a loved one with concerns for a beneficiary in need.
Special Needs Trusts have many benefits, including:
- preserving eligibility for government benefits;
- providing funds to pay for “extras” (e.g., homes, automobiles and prescription drugs);
- protecting a case settlement from being immediately depleted due to the high cost of health care;
- keeping assets within the family; and
- giving family members much needed peace of mind by providing funds to care for their loved ones who may not be able to care for themselves.