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.
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:
Likes and dislikes
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.
Absolutely highly recommend Krause Estate Planning for helping us to create a solid living trust.Roger
Attorney Krause explained everything clearly and concisely.Ciambrone
They made the entire process easy and took the time to help me understand the legal terminology.Aaron
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