Special needs planning is very important if you are the parent or guardian of a person with disabilities or if you wish to make a gift to someone who has a disability. If you are concerned about what steps to take to provide financially for a person with a disability, or to ensure a person with special needs is always cared for, Frank & Kraft can help.
Our Indianapolis special needs planning lawyers can explain the unique issues that arise when providing a financial gift to someone who has a disability. We can also advise you on what you can do to protect and provide for the person who you love who has special needs. Give us a call today at at (317) 684-1100 to get personalized advice about the special needs planning process and to get answers to questions including:
- Why is special needs planning necessary?
- What is involved with special needs planning?
- How can an Indianapolis special needs planning lawyer help?
Why is Special Needs Planning Necessary?
Special needs planning is very important for many reasons:
- A person who is disabled may require care. Parents or guardians need to ensure they have chosen someone to provide that care if the current caregiver no longer can.
- A person who is disabled may be receiving government benefits. If these benefits are means-tested, giving money to a person who is disabled could cause a loss in benefits if the gift is not structured appropriately.
- A person who is disabled may need additional financial support. If you want to make sure you provide for a loved one with special needs, you must make a plan to determine how much to provide and what methods can be best used to accomplish this goal.
- A person with special needs may not be able to manage his or her own money and assets. Whether this money comes from a personal injury settlement or any other source, it is important to make provisions to ensure the property is protected.
If there is someone in your life who you care about who has special needs, you never want to give a financial gift that turns into a burden or that causes a loss of access to important benefits. You also never want the person who you care about to be left without an appropriate guardian. Creating an advanced plan allows you to ensure that the person who you care about is protected personally and financially no matter what happens in the future.
What is Involved with Special Needs Planning?
The special needs planning process will vary based on what you hope to accomplish as far as providing for a person in your life with a disability. As part of the process, you could:
- Provide a financial gift using a special needs trust. If money or property is kept in a special needs trust, it will not be disqualifying when it comes to qualifying for means-tested government benefits like Medicaid or supplemental security income.
- Select someone who can manage money or property on behalf of a person with a disability. With the creation of a trust, you can name a trustee who will provide money and asset management services for the benefit of the person with the disabling condition.
- Provide instructions for how money or property is to be used to benefit a person with a disability. When you create a trust, you can provide detailed instructions regarding exactly how the money must be used to enrich the quality of life for the person with the disability.
- Name a guardian and/or make provisions for the care of the person with the disabilities. You can make arrangements for someone to provide daily care after you are gone.
These are just a few of the many different things an Indianapolis special needs planning lawyer can help you to do. Your attorney can also advise you on life insurance and other steps you can take to make sure a person who you care about who has special needs is provided for always.
How can an Indianapolis Special Needs Planning Lawyer Help?
Frank & Kraft provides invaluable assistance with all aspects of special needs planning. Whether you are hoping to ensure a loved one with a disability is provided for financially or you need to arrange care for a child or relative with a disability after your own death, we can help. Give us a call at at (317) 684-1100 or contact us online to find out more about the legal assistance our Indianapolis special needs planning lawyers can provide.
