As the parent of a child with special needs, you know the joy that comes with raising your special son or daughter. You also know the financial, physical and emotional challenges that come with providing adequate care. At Applegate Elder Law, we understand these challenges and can help you find the financial assistance you need now, as well as plan for the day when you are no longer able to provide the necessary care yourself.
We will work closely with you to understand your financial situation and determine the benefits that are available to you. We will also ask the right questions to gain an understanding of your priorities regarding the care of your loved one and your overall objectives for the rest of your family. Some of the most powerful tools we can put to work on your behalf are special needs trusts.
Special Needs Trusts Approach
There are several different types of special needs trusts, but generally they are used to maintain eligibility for Supplemental Security Income (SSI), Medicaid and other forms of government assistance while at the same time creating a fund to provide services and/or care not covered by these programs. How is this possible? The special needs trust, not the beneficiary (your special needs child), legally owns the trust’s assets. This means that assets in the trust are not counted when determining eligibility for SSI, Medicaid, or other means tested programs.
Funds held in a special needs trust can be used to pay for travel, education, a wheelchair-accessible van, entertainment, dental and medical care, and much more. In short, these funds can be used to improve the quality of life of your special needs loved one by giving him or her access to a range of additional services and care not provided by government programs.
Contact us today to discuss your situation. We can design a comprehensive, customized plan to ensure your loved one will receive the best possible care today and for the rest of his or her life.
You can reach Joani Phoebus at 317-522-1325 or [email protected].