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When it comes to making sure your loved one with special needs has a secure and bright future, traditional estate planning may not be enough. Special needs estate planning takes into account the unique circumstances and financial considerations that individuals with disabilities face. It’s a complex process, so it’s important to seek guidance from a knowledgeable attorney who specializes in this area.
By working with our Clearwater special needs planning lawyer who has extensive experience, you can navigate the legal complexities and protect your loved one’s future. Osenton Law, P.A., is here to give you peace of mind! Call today to schedule a free consultation and discuss your next steps.
Understanding Special Needs Estate Planning
One of the primary goals of special needs estate planning is to address the unique challenges that people with disabilities face, such as their eligibility for government assistance programs like Supplemental Security Income (SSI) and Medicaid, as well as the selection of trustworthy guardians or trustees. This specific area of estate planning also includes the development of a comprehensive financial strategy tailored to meet both current and future needs. The ultimate goal is to provide an organized roadmap that ensures continued fiscal support and personal care for individuals with disabilities while promoting consistency and security in their lives.
Our trusted Clearwater special needs planning lawyer can help you create a well-rounded plan that includes asset transfer strategies to responsibly manage your loved ones’ government benefits. This form of estate preparation can be complicated, so working with a knowledgeable attorney will save you time, money, and stress, and can help you avoid mistakes in the process.
Key Components Of A Special Needs Estate Plan
For an individual with special needs to achieve long-term financial security and well-being, a comprehensive estate plan is essential. Two key components of creating a special needs estate plan are establishing a special needs trust and appointing a guardian or trustee
- The trust is designed to supplement government benefits, such as SSI and Medicaid, by providing supplemental resources for expenses not covered by governmental assistance.
- Trustees have the fiduciary duty to oversee the trust to ensure the beneficiary can continue to receive government benefits while also improving their quality of life.
In addition to these two key components, every special needs estate plan should also include the following:
- Healthcare proxy: Appoint someone the authority to make medical decisions on the beneficiary’s behalf
- Financial plan: Set up accounts, investments, and life insurance policies.
- Housing accommodations: Consider accessible housing or long-term care facilities.
- Education and vocational training needs: Determine the best education and training for the beneficiary.
- Transition planning: Create a plan for the beneficiary’s transition to adult life or an adult care facility.
Special needs estate plans need to be reviewed and updated on a regular basis to make sure they stay useful and relevant, especially if the person’s circumstances or government benefit programs change.
The Benefits Of Hiring A Clearwater Special Needs Planning Lawyer
As the laws and regulations surrounding this area of law are constantly evolving, having access to our Clearwater special needs planning lawyer’s legal knowledge and reliable advice is vital. Our firm can provide the following advantages:
- Designing financial plans to safeguard long-term financial security and preserve eligibility for programs like Medicaid and SSI as well as their qualifying constraints.
- Creating customized plans based on the individual’s unique circumstances and needs, taking into account factors such as disability severity, age, work ability, and healthcare needs.
- Coordination and collaboration with other professionals involved in the individual’s care, facilitation of effective communication, and protection of the individual’s best interests.
- Providing advice on establishing and managing special needs trusts, selecting guardians, and dealing with issues concerning education, housing, healthcare, and employment.
- Providing ongoing assistance and support in reviewing and updating the plan.
Trust Osenton Law, P.A., With Your Estate Planning Needs
Making sure your loved ones are cared for in the event of your absence is the most important thing you can do for them if they have special needs and rely on you! With over 30 years of experience, Reggie Osenton has dedicated his entire career to assisting people to ensure their wishes are honored, and you can trust him to do the same for you. If you need special needs or other estate related planning services, call Osenton Law, P.A., today to arrange a free consultation and discover how we can help assist you.
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