An adult with special needs likely relies on government programs and benefits to cover expenses. These are a crucial financial support system for a person with disabilities that could accidentally be compromised without proper care given to estate planning.
Many people have questions around the best way to protect a beneficiary, such as a minor child or even an adult child with special needs.
You may not be able to name someone with special needs as a named beneficiary on your IRA, but also have questions about substantial assets inside your IRA accounts. Special needs is one area of the law that requires customized solutions.
The laws vary from one state to another, and it can get very complicated very quickly. You need a qualified attorney who understands the importance of special needs planning and understands the state level programs in place.
One of the leading reasons to consult with a special needs trust or estate planning lawyer is because you do not want to block the intended beneficiary’s ability to receive government benefits.
This can include federal programs, such as Medicaid and SSI, but also important state level benefits too. Consulting with a qualified lawyer can help you identify the main goals of what you hope to accomplish with special needs planning and to craft the strategy in line with those goals.
If you’d like to create a special needs trust to cover support for someone with disabilities, it’s very important to work with a qualified lawyer to complete this process.
A Pasadena estate planning lawyer can help you with the steps needed to get everything accomplished to protect your estate.