Ensure Your Loved One’s Continued Quality Of Life
When making plans for the future, it’s crucial to work with an attorney who has a comprehensive awareness of all aspects of estate planning. There are many intricate federal and state provisions and laws regarding special needs planning that only a firm exclusively committed to elder law understands. At the Elder Law Practice of Scott E. Collins, PLLC, our managing attorney, founder and owner, has devoted his life to serving people and dedicated his career to helping families throughout Madison County and eastern Kentucky..
Special needs planning helps take care of child or an adult with serious disabilities. These individuals qualify for government benefits, but those benefits usually only cover necessities such as food and shelter. When a person wants to provide a better quality of life for their loved one by giving them additional financial support, the individual could then lose his or her government benefits. Special Needs persons can get trapped in the web of regulations and narrow options.
Why Special Needs Planning Matters
Families with a loved one who has a disability face unique challenges. Concerns about future care, housing, and financial security often create overwhelming stress. Special needs planning helps protect assets, secure access to government benefits, and establish legal tools that ensure your loved one receives consistent support.
A thorough plan typically includes:
- Power of Attorney: Allows someone you trust to manage financial and legal matters.
- Health Care Proxy: Ensures decisions about medical care are made according to your wishes.
- Guardianship Arrangements: Provides legal authority to care for an adult child unable to make decisions independently.
Understanding public benefits like Supplemental Security Income (SSI) and Medicaid is critical. Effective financial planning aligns your personal resources with these programs so benefits aren’t jeopardized.
Learn how trusts, pooled accounts, and personalized legal guidance can bring peace of mind. Visit our Medicaid Planning and Guardianship Services pages for more details.
Five Steps for Effective Special Needs Planning
Effective special-needs planning requires a structured approach to ensure long-term security for your loved one. Here are five critical steps:
- Assess Needs: Evaluate current and future medical, financial, and lifestyle requirements, including housing, education, and healthcare.
- Establish Legal Protections: Create a Special Needs Trust (SNT) to safeguard assets without disrupting eligibility for government benefits like SSI or Medicaid.
- Explore ABLE Accounts: Complement the trust with an ABLE Account for tax-advantaged savings on disability-related expenses.
- Update Estate Plans: Ensure wills, guardianship designations, and powers of attorney include special-needs provisions.
- Review Regularly: Revisit your plan every 1–3 years or after major life events to adapt to changing laws or needs.
Working with an experienced elder law attorney ensures each step aligns with federal and state regulations. Proactive planning empowers families to provide lifelong support while preserving access to essential benefits.
How We Can Help You Help Your Loved One
We can help you set up a Stable Account or special needs trust which will protect their benefits while providing a more comfortable lifestyle. A special needs trust will give your loved one the quality of life you want them to have without giving up the benefits they desperately need.
A special needs provision in a Last Will and Testament includes very specific language that will make sure your loved one is able to have what you would like them to have without compromising their government benefits. This is important for those who already have a disability and or if one was to become disabled later. It’s imperative that this language is updated when necessary or your loved one could lose out on all they deserve.
We will help ensure that your loved one is protected by carefully crafting the proper documents and taking the appropriate measures. You can rest assured that your loved one will be taken care of when you are no longer able to do so.
Unlock the Benefits of a Stable Account for Your Loved One’s Future
Unlocking the benefits of a Stable Account is an essential part of special needs planning for families with children or loved ones who have developmental disabilities. A Stable Account, also known as an ABLE Account, allows parents and family members to provide financial support for their loved ones without jeopardizing their public benefits like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). These accounts are a game-changer for families committed to ensuring a safe and happy life for their loved ones.
As a part of the overall estate plan, ABLE Accounts offer a structured way to manage disability-related expenses while preserving eligibility for public benefits. When a child reaches adulthood, parents often worry about maintaining financial security for their children. This is where ABLE Accounts and special needs trusts come into play. These tools work hand in hand with other financial planning strategies, including a third-party trust, to cover needs like housing, education, and other resources that contribute to a better life experience for individuals with special needs.
Since Congress passed the law allowing ABLE Accounts, families have gained a powerful resource to address the challenges of special needs planning. By utilizing these accounts, parents and caregivers can ensure their children have access to services and resources to live a full and happy life. It’s important to start planning early in the process to give your loved ones the best future possible.
At Elder Law Practice, we are committed to helping our clients navigate this process, offering legal advice and support to ensure your loved one has the tools they need for a safe, happy, and financially secure future. Planning for the future starts with taking the first step today.
Addressing Life Stages and Long-Term Financial Needs in Special Needs Planning
Special needs planning must adapt to the evolving life stages and financial needs of individuals with disabilities. From childhood to adulthood, priorities shift—whether funding education, securing housing options, or covering medical care as health conditions change. For example, assistive technology (e.g., communication devices) may become critical during school years, while post-parent death, long-term housing options like group homes might take priority.
A major way to address these transitions is through long-term planning tools like tax-free ABLE Accounts and Special Needs Trusts. These allow many families to allocate private funds for future needs without disrupting benefits. State law variations also impact eligibility for programs, making legal guidance essential.
For employed beneficiaries, balancing income with benefit thresholds is key. Consider these five factors when planning:
- Anticipated life stages and associated costs.
- Housing options and local state law requirements.
- Tax planning and savings strategies.
- Medical care and assistive technology budgets.
- Contingency plans for sudden life changes.
By addressing these elements, families ensure stability across every phase of their loved one’s life.
Unlock the Benefits of a Stable Account for Your Loved One’s Future
Unlocking the benefits of a Stable Account is an essential part of special needs planning for families with children or loved ones who have developmental disabilities. A Stable Account, also known as an ABLE Account, allows parents and family members to provide financial support for their loved ones without jeopardizing their public benefits like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). These accounts are a game-changer for families committed to ensuring a safe and happy life for their loved ones.
As a part of the overall estate plan, ABLE Accounts offer a structured way to manage disability-related expenses while preserving eligibility for public benefits. When a child reaches adulthood, parents often worry about maintaining financial security for their children. This is where ABLE Accounts and special needs trusts come into play. These tools work hand in hand with other financial planning strategies, including a third-party trust, to cover needs like housing, education, and other resources that contribute to a better life experience for individuals with special needs.
Since Congress passed the law allowing ABLE Accounts, families have gained a powerful resource to address the challenges of special needs planning. By utilizing these accounts, parents and caregivers can ensure their children have access to services and resources to live a full and happy life. It’s important to start planning early in the process to give your loved ones the best future possible.
At Elder Law Practice, we are committed to helping our clients navigate this process, offering legal advice and support to ensure your loved one has the tools they need for a safe, happy, and financially secure future. Planning for the future starts with taking the first step today.
Considerate And Convenient Counsel
Call us at (859) 365-0831 to let us help you begin to plan for the future. Our attorneys are happy to meet with you at a time that is convenient for you. If you’d prefer to reach us via email, please contact us online. Your initial consultation is free, and we are here to help.
FAQ: Common Questions About Special Needs Planning
What’s the difference between a Special Needs Trust and an ABLE Account?
A Special Needs Trust holds assets for supplemental expenses (e.g., travel, hobbies), while an ABLE Account covers qualified disability costs (housing, education). Both protect benefit eligibility but differ in contribution limits and tax treatment.
Can family members contribute to a trust?
Yes! A Third-Party SNT allows family donations without affecting benefits. Ensure the trust is irrevocable and managed by a trustee.
What happens if my loved one’s needs change?
Regular plan reviews with your attorney allow adjustments to trusts, guardianship, tax advice, or ABLE Accounts to reflect new circumstances.
Does a trust impact Medicaid or SSI?
Properly structured SNTs exclude trust assets from benefit calculations. However, improper distributions could risk eligibility—guidance from a financial advisor is key.
