Understanding Your Elder Law & Estate Planning Options
Lawyers Helping Families With Special Needs
For Boston-area families with special needs, the costs of ongoing medical care and special equipment can be substantial. It is important to have proper asset protection planning to provide benefits for a family member with special needs who is receiving public assistance benefits. It can be financially devastating to a family if government benefits are lost and that family is responsible for taking care of a special needs family member.
At the law firm of Albanese Law, LLC, we work to help families use estate planning tools to protect themselves from the financial burdens of long-term care for a family member with special needs. Attorney Matthew Albanese can draft these documents to meet your specific needs. A special needs, or supplemental needs, trust can set aside assets for the care of a family member without having to place those assets in that person’s name. It can also provide control over assets without disqualifying the beneficiary from funding through government assistance programs.
Additionally, these trusts will alleviate the need for a Court appointed Conservator or Guardian.
The Use Of Special Needs Trusts To Protect Your Beneficiaries
Supplemental needs trusts need to be set up correctly in order to provide protection against tax consequences, loss of public benefits such as Social Security Income (SSI) or Social Security Disability Income (SSDI), and predatory practices by family members and other trustees who could be dishonest. These special needs trusts may be funded through cash, stocks and securities, or personal property and real estate. The trust may also be named as the beneficiary of a life insurance policy. A special needs trust may also be funded through a will and/or other trust.
These trusts may provide for those expenses not typically covered through public assistance benefits. Some of these expenses include: personal electronic devices, travel-related costs, transportation costs, education, insurance, clothing, physical rehabilitation, and therapy and assistive equipment, and uncovered medical expenses.
Special needs planning can help parents feel secure that their children with long-term special needs are protected and provided for into the future; without the perpetual oversight and annual reportings to the Probate Court.
Let Us Help You
Contact us for more information regarding special needs trusts and planning in Massachusetts. Arrange a complimentary consultation with an experienced lawyer. Call the Milton office of Albanese Law, LLC, to schedule an appointment at 866-591-4451.