Parents of children who have special needs know how complicated their lives can get. Many times, special needs children require specialized medical care, dedicated equipment, and many times a personal care assistant. Minnesota parents love their children and may worry what will happen to them when they pass away. Creating a supplemental needs trust may be a good estate planning tool for parents who may not want to leave their child with assets outright which would otherwise disqualify them from receiving public assistance or other benefits.
There are many parents in Minnesota who have a child with special needs. These parents know the planning and financial needs that go into taking care of their children. Planning for future needs is important for these families. Many of these special needs children will need to use public assistance. In order for the child to qualify for Social Security they need to fall under certain income guidelines. Many times, families want their child to qualify for Social Security benefits so that they receive medical care and housing care but also want to supplement this benefit. A special needs trust can be used to benefit a child with disabilities by supplementing the child’s resources while still allowing the child to qualify for public assistance. This may be a great option for a child who owns assets that may otherwise disqualify that child from receiving public assistance or other benefits.
Families who have a child with a disability and special needs may want to speak with an attorney who specializes in estate planning. An attorney understands these families have unique circumstances that they need to plan for. They can advise their client as to what estate planning options make the most sense in order to provide for their children and protect their assets.
Planning for the future for a child with a disability or special need can be difficult. These children bring immeasurable joy to a family and their future needs to be protected.
Established more than 100 years ago, Quinlivan & Hughes ranks among the oldest and largest law practices in Central Minnesota. The full-service law firm has growing legal teams in the areas of employment law, business law, government law, insurance defense, trust and estate planning, and general litigation. Learn more at Quinlivan.com.