Protecting Your Loved Ones With Special Needs
Many people who have a loved one with special needs are concerned about their care in the future. Aside from daily care, your loved one may require financial support and management to ensure their security. At Schraff Thomas Law, we can help you protect the personal and financial future of your disabled loved ones through special needs planning.
We are attorneys who have years of experience assisting clients throughout northeast Ohio, providing thoughtful guidance to help protect your loved ones. We take your trust in us seriously. When you work with us, we prioritize your best interests and ensure that we respond promptly to your questions and concerns.
Thoughtfully Considering Your Loved Ones’ Needs
Leaving an inheritance for a disabled individual can be tricky, especially when you run the risk of them losing government benefits, such as Medicaid, Social Security and subsidized housing. We can help you set up a special needs trust that protects their public benefits and provides financial security.
Depending on your situation, there are different kinds of special needs trusts to consider. First-party trusts use the special needs individual’s personal assets. This arrangement is best for those who receive an inheritance or settlement. However, first-party trusts require reimbursement to the state for Medicaid benefits.
Family members or loved ones planning ahead for the future of an individual with special needs often use a third-party special needs trust. Frequently, these trusts are part of an individual’s estate plan. If the special needs trust is in the will or a living trust, the beneficiary does not receive the funds until after the creator dies. With a third-party special needs trust, the state does not have to be reimbursed after their death for all Medicaid benefits received.
We can help you set up a special needs trust as part of your estate plan. Building a special needs trust into your estate plan ensures their security and access to vital public benefits while streamlining the process with your other assets.
Let’s Discuss Your Options
Secure your loved one’s future through special needs planning. We are experienced lawyers who will help you consider your options. To schedule a consultation to meet with one of us, call 440-569-1505 or complete our online contact form. We have convenient locations for our clients throughout northeast Ohio.