Brookfield Special Needs Planning

Brookfield Special Needs Planning Attorneys

When it comes to planning for their children's future, parents of special needs children have unique problems. They must consider how to care for and financially support their child without endangering their eligibility for government aid. They must also determine how to care for their child after they are gone.

We understand the worries of parents of special-needs children at Krause Estate Planning. Our Brookfield special needs planning attorneys can assist you with crafting an in-depth plan that addresses your child's particular needs and circumstances. We are able to support you with establishing a special needs trust, a financial power of attorney, and other documents. Our team is dedicated to guiding you in safeguarding your child's future.

For experienced guidance, reach out to a qualified special needs planning lawyer in Brookfield from Krause Estate Planning. Contact us online or dial (608) 344-5491 to request a consultation.

What Is Special Needs Planning?

Planning for special needs is a type of estate planning aimed at ensuring the care and financial stability of an individual with special needs. This process involves crafting a comprehensive strategy tailored to the unique needs and situation of the person.

Special needs planning is important because it allows parents to provide for their child’s care and financial well-being without jeopardizing their eligibility for government benefits. It also allows parents to ensure their child is cared for after they are gone.

What Is a Special Needs Trust?

A Special Needs Trust, also known as a Supplemental Needs Trust, is a type of legal arrangement created to help a disabled person. There are two types of special needs trusts: first-party special needs trusts and third-party special needs trusts.

First-Party Special Needs Trusts

A first-party special needs trust is one that is funded using the assets of the recipient. It is commonly utilized when a person with special needs receives a large sum of money through inheritance or a personal injury settlement. When evaluating the beneficiary's eligibility for government benefits, assets in a first-party special needs trust are not counted.

Third-Party Special Needs Trusts

For third-party special needs trusts, assets of another person are used to fund it. It is often implemented when a parent or grandparent wishes to provide for a special needs person after their death. Assets in a third-party special needs trust are not counted when evaluating eligibility for government benefits, just like assets in a first-party special needs trust.

A third-party special needs trust is not required to include a payback provision, which means that any assets remaining in the trust after the beneficiary’s death can be passed on to other family members or loved ones.

What Is a Letter of Intent?

A letter of intent is a document that is used to provide instructions and guidance to the future caregivers and trustees of a person with special needs. It is not a legally binding document, however, it is an important tool in special needs planning because it allows parents to communicate their wishes and expectations to the people who will be responsible for their child’s care and financial well-being.

A letter of intent can include a wide range of information about the person with special needs such as details on the following:

Daily routine

Likes and dislikes

Medical history

Medical and therapeutic needs

Education and employment history

Family and friends

Social and recreational activities

Religious and spiritual beliefs

Future goals and aspirations

Get in touch with a knowledgeable Brookfield special needs planning attorney at Krause Estate Planning. Call us at (608) 344-5491 or complete our online contact form.

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