If you're living in the reality of low income with a loved one who has a disability, figuring out how to pay the bills can be frustrating, annoying, and at times even scary. Not knowing where to find your source of money to pay for the needs of yourself, your family, and a special needs individual is troubling-- but don't give up, even if you've experienced a disappointment. Of course, many people consider the common solution of government funded disability programs such as Social Security or Medicaid, but unfortunately, the strict qualifications for such programs may leave you unable to pursue those options. If you've exhausted common methods, you may want to consider learning more about a special needs trust-- another form of income that could help your loved one to pay the bills comfortably and provide for your family's needs, even after you're gone.
Leaving Guaranteed Insurance
For many parents and caretakers of those who have a disability, the biggest worry comes in the form of what might happen to their child after they pass away. If you're unable to set up government funded help, your next best insurance policy against financial troubles for your loved one may come in the form of a special addition to your will. By hiring a lawyer to help you with the details, you can secure a special needs trust to be written into your will-- ensuring that the money you want to be designated to helping your disabled loved one will in fact be used towards their brighter future.
Avoiding Cancellations of Benefits
Although the end result seems the same (someone named in your will receives money after your death), a special needs trust actually goes a further step to make sure that any other benefits they're receiving won't be harmed or cancelled. If you simply left a large sum of money in their name, their benefit program may stop aiding them, believing that they have enough money in the form of the willed cash. In contrast, the money designated in the special needs trust can not be used against your loved one-- keeping any benefits they may receive in tact.
Insuring the Best Care
Simply stated, the money within a special needs trust will be used to fund the portion of treatment or services needed that is not covered by their benefit program. In other words, the money can't be blown in a weekend trip to the casino-- it will be used to provide the greatest possible treatment, services, and care for your loved one to provide for their every need.
For more information, contact a lawyer in your area like Dobko & Wheaton.Share