If you find yourself in the role of a parent, grandparent, or caregiver to a child with special needs, you likely recognize the significance of integrating a special needs planning component into your comprehensive estate plan. While establishing this component is crucial, it’s equally important to periodically revisit and update it as circumstances evolve. To guide you on when to reassess your special needs plans, the Indianapolis attorneys at Frank & Kraft discuss how to know when it’s time to contact a special needs planning attorney.
The Significance of Special Needs Planning
The primary objective of your comprehensive estate plan is to safeguard and ensure the financial well-being of your loved ones in the event of unforeseen circumstances. While your loved ones may be designated as beneficiaries in your Will, a life insurance policy, or through shared ownership of property, the direct transfer of assets can pose challenges for individuals with special needs. A direct gift may jeopardize eligibility for critical assistance programs such as Medicaid and SSI, underscoring the importance of incorporating a special needs planning component into your overall estate plan.
Situations that Should Prompt Contact with a Special Needs Planning Attorney
Once you have woven the special needs planning component into your overall estate plan, you can trust that your special needs beneficiary will remain financially secure without compromising essential government assistance. Nevertheless, life is dynamic, and certain situations may arise, prompting a need for a review and potential adjustment of your special needs plan. Here are common scenarios that warrant consultation with your special needs planning attorney:
- Transition to legal adulthood. When your child with special needs reaches the age of 18, regardless of their capabilities, legal issues arise because your child is now considered an adult. A special needs planning attorney can provide guidance on tools such as a Power of Attorney, HIPAA release, or help navigating the process of legal guardianship which may be necessary for you to continue to manage your child’s finances.
- Changes in a parent’s circumstances. Whether due to disability, retirement, or the passing of a parent, a special needs planning attorney can assist in securing Social Security Disability Income (SSDI) benefits for the child, ensuring financial stability, and making necessary adjustments to the special needs plan.
- Financial changes. Financial circumstances can change dramatically from one year to the next. If there has been a significant financial change in your circumstances, adjustments to the special needs planning component may be necessary to preserve the child’s eligibility for assistance programs like SSI and Medicaid. Consulting with a special needs planning attorney ensures alignment with your evolving financial situation.
- The child’s condition has changed. Any significant change in the child’s condition, whether improvement or deterioration, should prompt a review of the existing plan. A special needs planning attorney can assist in modifying restrictions imposed by guardianship if the child’s independence has increased or incorporating additional safeguards if the child becomes more vulnerable.
- Relocation to another state. Moving to a different state can cause changes in the administration of benefits for a child with special needs. While some programs, such as SSI, are administered by the federal government, others, such as Medicaid, are administered at the state level. A special needs planning attorney can help you understand these differences, adapting the plan to align with the new state’s laws while ensuring continued access to federally regulated programs.
Is It Time to Contact a Special Needs Planning Attorney?
For more information, please join us for an upcoming FREE seminar. If it is time for you to contact a special needs planning attorney, contact one at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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