If you are looking for special needs planning, Fouts Law Group, LLC is here to assist you. We can help both guardians and caregivers with loved ones with special needs and serious disabilities, and we can assist you in ensuring that the person you provide care for has a home and the aid they need in the event something happens to you. We can also provide help to any person who may want to leave a financial gift to a person with a disability or special needs.
In some cases, a person with special needs or a disability receives financial support. Leaving a monetary gift or valuable assets to such a person could create a hardship by reducing or eliminating the amount of assistance they receive. You don’t want your good need to cause serious problems. The experienced attorneys at Fouts Law Group, LLC can help you ensure this doesn’t happen. Call our Woodstock special needs planning attorneys today for guidance. We can provide you with information, including:
- Why special needs planning is important
- What is involved in special needs planning
- How a special needs planning attorney can help you
Why Special Needs Planning is Important
Planning is important for a variety of reasons, and the role you play in a person’s life has great bearing on your planning needs. If you simply want to leave a financial gift to someone with special needs, you may be under the impression that you don’t need legal help. You may be wrong.
If a person is receiving benefits from Social Security or Medicaid, those benefits come with stipulations and restrictions. A person who is gifted money or other valuables may suddenly be put above a threshold of assets, disqualifying them from receiving benefits. If you don’t proceed carefully with giving your financial gift, you could cause a person’s benefits to cease. Despite trying to be doing something positive, you could be harming your loved one.
When you take the time to speak with a special needs planning lawyer, you can ensure that your gift will not have unintended consequences. You can also ensure that your gift is ultimately managed and used wisely.
Special needs planning is not only important for the person providing the gift, but for caregivers and guardians. If you care for someone with special needs, you must ensure that someone is ready to step in and provide that care should something happen to you. The person you are providing care for needs to be guaranteed a safe place to live when you can no longer provide one.
What Is Involved in Special Needs Planning
Special needs planning is a tool you can use to ensure that a financial gift is used properly. It is also used to make sure that gift doesn’t cause an unintended hardship for the person receiving it. You can ensure both of these things by allowing a special needs planning attorney to help you in creating your plan.
A special needs trust has specific legal requirements. Assets can be gifted to a person without causing benefits to be reduced or lost. You can also name a trustee to manage those assets, and the assets can be used on a supplemental basis by the person with special needs.
Your special needs plan may include other details depending on your unique situation. An experienced attorney can speak with you regarding your needs and help you make a plan that ensures your loved one with special needs is taken care of.
How a Special Needs Planning Attorney Can Help You
Fouts Law Group, LLC will provide you with assistance in creating a special needs plan, no matter how complex your situation is. We know that you want to provide financial security for your loved one with special needs and we are here to help you do that. Call us at (678) 242-8344 to speak with a Woodstock special needs planning attorney or reach out to us online and take the first steps in ensuring your loved one is protected.