Special-Needs Trusts Provide Financial Protection
Special-needs trusts are extremely useful in setting aside assets for minors and adult children with mental or physical disabilities. If you would like to explore options for providing financial protection for your loved ones with special needs, the lawyers at Bieber & Czechowski are ready to assist. We are a Michigan law firm representing clients in Warren and Sterling Heights and throughout Macomb County.
Preserving Assets For Those On Benefits
One of the most common issues for those who care for a loved one with special needs is preserving that person’s eligibility to qualify for certain government benefits such as Social Security (Social Security Disability/SSD or Supplemental Security Income/SSI), Medicaid and health insurance. To qualify for these assistance programs, the recipient can only own a limited amount of assets.
So they can continue receiving government benefits, we help clients create special-needs trusts. We frequently work with clients who have enough money to support their special-needs loved ones, but too much for the person to qualify for benefits. When you establish a trust, you can funnel money into it, thus setting aside money that can be used to provide your loved one with the quality of life you imagine.
Monthly benefits from government programs often cover basic expenses. With a special-needs trust, you can help with the extras for those you love: a nice home, nursing care, medical equipment and other things applicable to their situation. Your loved one will not have access to the trust funds, which is how they can still qualify for benefits.
Consult with one of our attorneys and together we will look closely at your family needs and discuss options for the best possible estate planning tools for you.