Special Needs Estate Planning in Berrien County, MI
If you have a loved one with a disability or special needs, it’s crucial to ensure their needs will be met when you’re no longer able to do so, especially when it comes to their financial and physical well-being. Special needs planning involves creating a customized estate plan to meet your loved one’s needs without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI).
A special needs planning attorney can assist you in establishing trusts and other legal frameworks that protect your loved one while providing for their long-term care and financial needs.
Serving families across Southwest Michigan, Legacy Counsel offers a range of estate, administration, and probate services for individuals with special needs, from setting up special needs trusts to advising on government benefits.
How to Approach Special Needs Planning
Special needs planning is meant to help families with a disabled loved one plan for the future. The main goal is to ensure that the individual’s financial needs are met without disrupting their eligibility for essential government programs.
A thorough special needs estate plan might include the following:
- A Special Needs Trust: This is a specialized trust that holds and manages assets for the benefit of a loved one with disabilities. Normally done as part of drafting your will or trust, the primary purpose of this trust is to ensure that other assets do not disqualify them from essential government benefits.
- Medical Care Planning: This planning may include setting up healthcare proxies, durable powers of attorney, and other legal documents that authorize trusted individuals to make medical decisions on their behalf if they are unable to do so.
- Managing Government Benefits: Navigating the complexities of Medicaid, SSI, and other government programs can be overwhelming. It’s crucial to structure assets and income to avoid exceeding the benefit limits and stay informed about any changes in laws and regulations that could impact their eligibility.
- Designating a Trustee or Guardian: A critical component of special needs planning is choosing a trustworthy individual to manage the trust or serve as a guardian. It’s important to select someone that you trust but also understands the complexities of managing the trust.
- Addressing Housing Needs: Housing is a significant consideration in special needs planning. Depending on your loved one’s level of independence, you may need to prepare for various housing options, including owning a home, renting, or living in a supported or assisted living environment.
Our Attorneys Help with Your Special Needs Planning
- Assess Your Loved One’s Needs
- Create Special Needs Trusts
- Advise on Government Benefits
- Plan for Long-Term Care
- Coordinate with Guardianships
- Work in Your Loved One’s Best Interest
Why Work with Legacy Counsel?
At Legacy Counsel, we understand that special needs planning is more than just drafting documents—it’s about building a secure and comfortable future for your loved one. We take a personalized approach to each case, ensuring that your family’s unique needs are met with compassion and attention to detail.
Legacy Clients Benefit From
- A Custom Estate Plan for Loved Ones with Special Needs
- Clear & Transparent Pricing
- 3 Year Reviews at No Additional Cost
- Open & Honest Communication
- E-Signature Capability, Virtual Consults & Expedited Services
Contact Legacy Counsel to schedule a consultation. We’ll carefully and professionally guide you through the special needs planning process.
Michigan Special Needs Estate Planning
Special needs planning involves more than just setting aside money for your loved one in a will. It requires careful consideration of their long-term needs, including financial support, medical care, housing, and legal guardianship.
Legacy Counsel assists families in navigating these complexities, ensuring that every aspect of your loved one’s care is thoughtfully planned.
When Is Special Needs Planning Necessary?
Special needs planning is essential if you have a family member with a disability or special needs who will require support throughout their life. This planning ensures they can access government benefits while also providing for additional needs that those programs may not cover.
For example, establishing a special needs trust can protect your loved one’s eligibility for Medicaid or SSI while allowing them to benefit from additional financial resources.
Types of Special Needs Planning
Special needs planning varies depending on the individual’s circumstances. Here are some key areas:
Special Needs Trusts
A special needs trust is designed to protect assets for individuals with disabilities without disqualifying them from government benefits. The trust can cover additional needs not met by those benefits, such as educational expenses, transportation, or other quality-of-life enhancements. There are two types of Special Needs Trusts:
- First-Party Special Needs Trust: This trust is funded with the individual’s own assets, such as savings, inheritance, or lawsuit settlements.
- Third-Party Special Needs Trust: Unlike a first-party trust, this trust is funded with assets from family members or other third parties and is intended for the benefit of the individual with special needs. After the individual with disabilities passes away, any money remaining in the trust can go to anyone you choose.
- Pooled Account Trusts: These trusts are managed by non-profit organizations that pool and invest the funds of multiple beneficiaries, typically individuals with disabilities.
Special Needs Guardianship
Guardianships may be necessary if the individual with special needs cannot make decisions for themselves. A guardian can help manage their day-to-day decisions, including medical care, housing, and financial matters.
Long-Term Care Planning
Long-term care planning involves preparing for your loved one’s ongoing care and support. This includes planning for medical care, housing, and other essential needs that will arise as they age.
How to Set Up a Special Needs Trust in St. Joseph, MI
Establishing a special needs trust requires careful legal guidance to ensure it meets state and federal regulations. At Legacy Counsel, we work closely with families to create a trust that provides for your loved one without jeopardizing their eligibility for crucial government benefits.
Once the trust is established, it must be properly managed and maintained to continue providing the intended benefits.
FAQs about Special Needs Planning in MI
How Can I Fund a Special Needs Trust?
A special needs trust can be funded through various means, including life insurance, savings, or inheritance. There are also ABLE Accounts which were created under the ABLE Act of 2014. These accounts offer a tax-advantaged way to save for disability-related expenses, with contributions being made using post-tax dollars. It’s essential to work with an attorney to ensure the trust is properly funded without affecting your loved one’s benefits.
Can a Special Needs Trust Be Changed?
Yes, depending on the circumstances, a special needs trust can be modified or terminated if necessary. However, any changes should be made under the guidance of a seasoned attorney to avoid jeopardizing eligibility for benefits.
Why is Special Needs Planning Important?
Special needs planning is vital to ensuring your loved one’s future is secure, even after you can no longer care for them. It protects their eligibility for government benefits while providing for additional needs that enhance their quality of life.
Our Attorneys Plan Ahead & Protect Your Loved One’s Future
Based in St. Joseph, Legacy Counsel PLC is a boutique estate and probate law firm serving southwest Michigan, including Berrien County, Cass County, Van Buren County, and more.
Call 269-932-4017 or Complete the Form Below.
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