Estate planning for a family with special needs children comes with a complex set of financial, social, and medical issues that some lawyers are ill-equipped to handle. But the experienced special needs planning attorneys with Legacy Law Group are dedicated to ensuring your child with special needs will be well taken care of when you’re no longer able to serve as the primary caregiver.
We offer a variety of estate planning tools and strategies designed to accommodate the unique circumstances presented by children with special needs and their families in Colorado. We can help you pass on the financial assets needed for your child to live a rich quality of life without jeopardizing their eligibility for government benefits. We’ll also assist you in finding and appointing a trusted guardian and/or trustee to look after them in the event of your death or incapacity. And we’ll help with locating the best residential opportunities—as well as the means to pay for them.
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One “Catch-22-like” situation surrounding estate planning for those with special needs is leaving enough money to pay for the massive amount of care and supports these individuals typically need throughout their lifetimes. Yet, if parents leave a large lump sum of money directly to a child with special needs, they risk disqualifying him or her for government benefits like Medicaid and Supplemental Social Security Income.
Fortunately, the government allows assets to be held in what’s known as a “special needs trust” to provide supplemental financial resources for the physically, mentally, or developmentally disabled child without affecting their eligibility for public healthcare and income assistance benefits. That said, the rules for such trusts are quite complicated.
For instance, funds from a special needs trust cannot be distributed directly to the disabled beneficiary and must be disbursed to a third-party who’s responsible for providing the goods and services they need to maintain a comfortable lifestyle. What’s more, the requirements for a child with special needs change dramatically over time, as do the laws governing public benefits.
Given this, it’s vital to work with an experienced special needs attorney who can create a comprehensive special needs trust that’s both properly structured and appropriate for your child’s specific situation.
Contact Legacy Law Group if you need estate planning for your child with special needs. Our team of experienced special needs planning lawyers can develop a sustainable living plan for your child with special needs that will provide them with the finances they need to live a full life, while preserving their access to government benefits.
At Legacy Law Group, we believe in building lasting relationships with our clients. That’s why we offer a free assessment of your current estate plan every 3 years. Our commitment of keeping your plan up-to-date assures that it aligns with your evolving needs and circumstances, providing you with ongoing peace of mind.
Legacy Law Group offers three levels of planning to suit your varying needs, and you get to choose the level of planning that best fits your family. From starter plans designed primarily for families with young children and not yet much in the way of financial wealth, to more robust plans for well-established families concerned with matters of asset protection, preservation and increased growth, we have you covered. When we meet for your Family Wealth Planning Session, we will review our three planning levels with you, and you will choose our own fee based on your budget and the planning options that are most important to you and your family.
Wills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different
This is an agreement with three parties: the Trust-makers, the Trustees (or Trust Managers), and the Trust Beneficiaries. For example, a husband and wife may name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets as beneficiaries. Further "back-up" managers can step in under the terms of the trust to manage the assets should the couple become incapacitated or die. Special provisions in the trust also control the management and distribution of assets to heirs in the event of the trust maker's death. With proper planning, the couple also can avoid or eliminate death taxes on their estate. The Revocable Living Trust may allow them to accomplish all this outside of any court proceedings.
Whether you are young or old, rich or poor, married or single, if you own titled assets such as a house and want your loved ones to avoid court interference at your death or incapacity, consider a revocable living trust. A trust allows you to bring all of your assets together under one plan.
The document a person signs to provide for the orderly disposition of assets after death. Wills do not avoid probate. Wills have no legal authority until the willmaker dies and the original will is delivered to the Probate Court. Still, everyone with minor children needs a will. It is the only way to appoint the new "parent" of an orphaned child. Special testamentary trust provisions in a will can provide for the management and distribution of assets for your heirs. Additionally. assets can be arranged and coordinated with provisions of the testamentary trusts to avoid death taxes.
Sometimes called an Advance Medical Directive, a living will allows you to state your wishes in advance regarding what types of medical life support measures you prefer to have, or have withheld/withdrawn if you are in a terminal condition (without reasonable hope of recovery) and cannot express our wishes yourself. Oftentimes a living will is executed along with a Durable Power of Attorney for Health care, which gives someone legal authority to make your health care decisions when you are unable to do so yourself.
What does Intestacy mean?
If you die without even a Will (intestate), the legislature of your state has already determined who will inherit our assets and when they will inherit them. You may not agree with their plan, but roughly 70 percent of Americans currently use it.