A major concern for caretakers of children or loved ones with special needs is how those loved ones will be cared for once that caretaker passes. One of the biggest considerations is that, in leaving gifts to these loved ones upon passing, you might inadvertently disqualify them from SSI and Medicaid benefits or other public benefits. When planning for the future of your loved ones with special needs, it's important to consult with an attorney familiar with the legal tools you can use to ensure that your loved ones will be cared for and receive everything they might need in your absence.
Supplemental Needs Trusts
A Supplemental Needs Trust allows you to make sure that your beneficiaries receive certain comforts and care without forfeiting their Supplemental Security Income or Medicaid. This will allow them to make purchases like vehicles, computers, or athletic equipment, or attend things like movies, performances, or sports events.
Pooled & Corporate Trusts
One option you may have is to form or participate in a pooled trust. Pooled special needs trusts are managed by nonprofit organizations to handle a single special needs trust for the benefit of a large number of special-needs individuals. These trusts operate on a larger scale, carrying more efficiency and better management as a result.