What is the ideal future you imagine for your special needs child when you look ahead? It might look something like the life of Frank Calloway; living to a contented old-age, spending time with memories of the past and engaged in an activity which brings great pleasure and peace. Most of all, looked after by competent and caring individuals who are truly concerned with his best interests.
But how can this dream be achieved on the $2,000 total assets that Medi-Cal (or Medicaid in Alabama, where Frank Calloway loves) recipients are allowed to have without losing their government benefits? How can responsible parents safely leave an inheritance to their special needs child? For Frank Calloway, part of the answer to that question is having a Special Needs Trust.
Unfortunately, according to this article by Ryan Ori, not all parents or grandparents know about the benefits of a Special Needs Trust, or how easy it can be to create one—with the right help from an attorney who specializes in this area. A Special Needs Trust is the vessel that will hold your child’s inheritance (from you or grandma and grandpa) without disrupting that child’s government benefits. It gives your child the funds they need beyond the basic living expenses provided by SSI or Medi-Cal. For Frank Calloway, it’s used to purchase his art supplies.
If you are interested in this effective tool, please contact our office to help you with its creation. A Special Needs Trust is not the kind of document that can be found in an online download, a software package or created from a standard trust template. The needs of your child are unique, and should be addressed as such. And as attorneys, we know about any state-specific regulations that will affect the Special Needs Trust for your child.