Person first planning…
gets to the heart of special needs planning. Special Needs planning is estate planning that is focused on addressing the needs, desires, and quality of life for individuals with special needs. Preserving eligibility for government benefits is a central piece to the puzzle of planning for a person with special needs, but that’s not the only step. Individuals with special needs are still individuals, and the planning for their future should be tailored to their situation.
Frequently used instruments in special needs planning include:
first party or “(d)(4)(A)” special needs trusts with state payback provisions,
third party special needs trusts (which lack the payback provisions),
ABLE accounts, and
guardianship or conservatorship.
Special needs planning applies for both issues from birth (e.g. autism) and acquired issues (e.g. traumatic brain injury). Techniques vary depending on whether the planning is for a future inheritance or preservation of an existing asset such as a settlement from a lawsuit. The constant is that what matters most is what’s best for the individual at the heart of the planning.
If you or a loved one has special needs, it is imperative that you have an estate plan that addresses those needs. Schedule a call today.