As a parent with a disabled child, you have probably acted as the primary caretaker for your loved one for years. Now, as you plan for the inevitable day that you will pass away, you need to determine how your loved one will be cared for. If you have been saving money or received a settlement from a birth injury case when your child was injured, then you may have been regulating those finances for your child's medical care.
In order to continue providing for your loved one after you pass away, and in order to avoid tampering with your child's eligibility for Social Security Disability Insurance or Medicare, you may want to consider a disability or special needs trust. These trusts can carry all finances that are from settlements regarding the child's condition or even just money that you have earned and saved in order to care for your young one.
When you establish a special needs trust for your child, you will want to appoint a guardian who will be able to manage the finances and what procedures and uses those finances can be granted for. Special needs trusts are also commonly called supplemental needs trusts and are legalized special documents. They can be "stand alone" documents or they can sometimes be a part of a last will and testament. They were given an official legal statist by U.S. Congress back in 1993 and are able to allow disabled individuals to still receive government benefits in addition to his or her trust money.
If you are currently planning for the future of your estate and have chosen to provide your loved one with a supplemental needs trust, you will want an attorney there to govern the process. Without a lawyer there to help, you may run into complications or get caught up with difficult formatting issues or filing considerations. Talk to a Pembroke Pines estate planning lawyer today for more information!