You want what’s best for your special needs child, parent, or other family member. You’ve spent many years of your life making sure that they’ve received the best care possible and making sure that they have a great quality of life. You’re also intimately aware of everything that goes into planning for your loved one’s health and wellbeing, and just how expensive that can be. That’s why it’s important to also plan for the future of your special needs loved one to make sure they are taken care of if you’re not able to do it for them.
If your loved one has been declared disabled by the Social Security Administration, you may be eligible to set up a special trust to provide for their care in the event that something happens to you. This trust can provide money for your child, grandchild, or other family member’s care, letting you make sure they continue to have a high quality of life that you’ve worked so hard to provide. You’ll have peace of mind that they’ll always be cared for and looked after with the very best care without jeopardizing their eligibility for either State or Social Security disability benefits
SPECIAL NEEDS TRUSTS
A special needs trust is a legal entity that you can place money, real estate, or other financial assets into to pay for the care of your loved one with special needs. It’s a way to make sure that money has been set aside to care for your family member if you’re not able to do so. And, you’ll know that the money is safely set aside if financial problems arise with any siblings or other family members who might take over caring for your special needs loved one if you can’t.
Parents and grandparents often worry that a special needs trust will interfere with the income or health care benefits their special needs family member receives from either the Social Security Administration or the Oklahoma Department of Human Services. That means your loved one’s Social Security Disability Income (SSDI) or Supplemental Security Income (SSI) benefits will not be taken away. When properly set up, these trusts actually ensure that their loved one will remain eligible to receive SSI or SSDI, in addition to Medicaid Health Care Benefits and eventually Medicare. Improper planning and gifting can actually make your child or grandchild ineligible for either or both of these programs, which is why it’s so important to have a proper trust set up by a lawyer familiar with applicable laws and regulations.
John C. Holden is dedicated to helping families set up special needs trusts in Oklahoma to ensure that their special needs child or adult is taken care of. He compassionately walks parents, grandparents, and other family members through the steps of creating the trust, telling them about their options and making sure that the special needs loved one receives the level of care he or she needs.
Over 37 million Americans are classified as disabled, according to the 2010 census. That’s about 12% of our nation’s population. If your loved one falls into this category, please contact us to learn how a special needs trust can help give you peace of mind and make sure your loved one will be properly cared for.