March is National Multiple Sclerosis Awareness Month, a time to raise awareness about the challenges faced by those living with MS and other disabilities. For families with a loved one who has special needs, estate planning is an essential step to ensure their future security and care. A well-crafted plan can provide financial protection and preserve eligibility for essential government benefits, such as Medicaid and Supplemental Security Income (SSI).
Planning for a loved one with a disability involves careful consideration of legal and financial strategies that will safeguard their well-being. One important strategy is establishing a special needs trust. This trust will allow you to provide financial support for your loved one with a disability without jeopardizing their eligibility for government benefits. Assets placed in the trust can be used for supplemental care, medical expenses, and quality-of-life enhancements while preserving access to public assistance programs.
Choosing a trusted trustee is equally important, as this individual or institution will manage the trust and ensure that funds are used appropriately. Selecting someone who understands your loved one’s needs and has the financial acumen to manage the trust effectively can provide long-term security.
Ensuring that legal protections are in place is another critical aspect of planning. Durable powers of attorney allow a designated individual to make financial and medical decisions on behalf of your loved one if they are unable to do so. This ensures their affairs are handled according to their best interests and legal requirements.
A Letter of Intent can serve as an important guide for future caregivers. While not legally binding, this document provides detailed information about your loved one’s daily routines, medical history, preferences, and long-term care needs. This helps ensure continuity of care and communicates essential details that may not be covered in legal documents.
Estate planning for a loved one with a disability requires careful legal and financial consideration. Working with an experienced Florida estate planning attorney can help navigate the complexities of special needs planning, ensuring that all legal requirements are met, and your loved one’s future is secure.
We know this article may raise more questions than it answers. At Perlin Estate Planning & Probate, our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.