Planning for Special Needs Children

According to The Wall Street Journal “a Supplemental-Needs Trust is One of the Most Useful Tools for Those Seeking to Pass on Assets to a Person with a Disability” (March 27, 2016)

Having a family member with special needs can be a lifelong challenge. There are different planning options to consider depending on whether the child is a minor or dependent adult; each requiring a different level of family involvement.

One of the most important considerations in structuring a trust to protect the best financial interests of the disabled is making sure that the trust does not disqualify the recipient from programs such as Veterans Assistance or Medicaid. Maintaining eligibility to receive public assistance benefits is key and can provide a lifetime of monies managed for the protection of the disabled.

Jim Evans can evaluate whether a revocable trust or irrevocable trust will be best in your particular situation. He can discuss the best-desired outcome given the nature of the disability and family circumstances. Jim understands the need for customized planning for individuals who are mentally or physically differently-abled.

Proper planning can ensure the trustees will act as a money manager, and provide for appropriate financial support.