Helping the Special People in Your Life: The Special Needs Trust
August 20, 2009
Parents, grandparents, aunts and uncles often come into our offices to make estate plans, and one of the questions they ask is how they can support the people in their lives who have special needs. Special needs can include anything from Autism or Down Syndrome to Paralysis or blindness, and everything in between. These special needs family members may be receiving public benefits, such as SSI or Medi-Cal. Leaving money directly to them in a Will or Trust would, in most cases, bounce them off of such public benefits. A much better approach is to leave them a bequest in a way that will allow your special person to enjoy BOTH the public benefits upon which they rely AND your bequest. The way to do this is by leaving your gift in a Special Needs Trust.
Special needs trusts are not yet well-known, but they are gaining attention among attorneys, financial advisors, and in the mainstream media. They are permitted by both federal and state law, and recognize the need for families to “partnership” with government to improve the quality of life for the disabled. For Questions and Answers, and more information, visit our site at “Special Needs Planning”.
A Special Needs Trust can be useful for children or for disabled adults. It is a far better alternative than cutting your special person entirely out of your Will or Trust, simply to avoid jeopardizing their SSI or Medi-Cal benefits.
A special needs trust can mean the difference between living an enriched life and barely getting by. If you have someone in your life with special needs, inquire about a special needs trust as a way to leave an inheritance. It could make a world of difference.
Special Needs Trust May Prolong Life of Beneficiary
December 4, 2008
Individuals with mental illnesses already have a number of unique challenges to face, and now Time Magazine tells us they have one more terrifying prospect, because, according to Time’s recent article by Kate Torgovnick “on average, people with severe mental illness die 25 years younger than the rest of the population.”
There are many contributing factors to this shocking figure, but one of the main reasons the article gives is that “people with serious mental illness tend to be low on the socioeconomic totem pole and don’t often get the best available health care.”
The real tragedy in this scenario is that it doesn’t have to be this way. With the right planning—either by the individual in question or by loving friends and family—someone with a serious mental illness could still have access to the best medical care. And a special needs trust complete with provisions for an advocate or an advisory committee will provide the beneficiary with further protection; someone to ensure that his or her needs are being met, and any ailments are taken seriously by medical professionals.
With enough education and planning, perhaps we can improve the situations of those with mental illnesses… and change that shocking mortality rate as well.
Jinies.com