If you have a loved one with special needs, you may be curious about the best way to protect their interests and their rights in the future. Especially if your child is special needs, you may be worried about what happens to them and how they’ll support themself after you pass away.
There are several different ways you can plan the distribution of your estate and this is usually done through a will or a trust as both of these tools are powerful for estate planning and can help you accomplish various goals. The right choice depends on your family’s needs.
However, if you have an individual with a disability currently in your care, creating a special needs trust is likely your best option. This allows you to leave properties and assets for the needs or medical care of a dependent adult or child with a disability without disqualifying them from important government benefits such as Medi-Cal or SSI. You may be eligible to transfer various assets including life insurance proceeds or cash directly to a special needs trust.Â
If you try to transfer assets to someone with special needs outside of a trust, be mindful of how this might compromise their eligibility for key government benefits. Working with a lawyer is the best way to walk through all of your options and ensure that you’ve done all you can to protect your loved ones.Â
Because special needs trusts need to be set up properly, it is important to identify a Pasadena estate planning lawyer who will assist you with the process of establishing your next steps and creating a special needs trust based on your individual preferences. Contact our office today to learn more and to schedule a time to discuss your needs.Â
