Special needs planning attorneys in Milford have very specialized knowledge that can help families plan for their children’s future. There are so many things to keep straight when it comes to raising your special needs child, and focusing on what will happen to him or her after your death is not something that is pleasant to contemplate. Still, it is very important to take the time to meet with a special needs planning attorney in Milford in order to give your child the best opportunities.
An Important Tool
Special needs planning is a part of estate planning, and one of the most common things a Milford attorney is likely to advise will be a “special needs trust.” The reason this trust is so important is because it allows you to set aside money for your child’s future without jeopardizing his or her eligibility for government benefits such as Social Security and Medicaid. Unfortunately, leaving your child even a small inheritance can make it so he or she is no longer eligible for this kind of aid and can severely impact quality of life.
Trusts for Your Child
There are different types of trusts the attorney will go over with you. Some are funded by the person with special needs, say through an award from a personal injury case or from an inheritance. Others are specifically funded by a third party such as parents or other family members. The second kind is the special needs trust, and if it’s the right choice for you, a qualified Connecticut special needs trust attorney will be able to help you understand your options with the trust.
People to Consider
In addition to helping you set up the trust, a special needs attorney will also be able to help you determine the appropriate trustee. In some cases, this may be a family member or other caregiver. In other cases, the lawyer or firm may take care of the administration of the trust. An advocate may also be chosen. This person will be familiar with both the beneficiary’s needs and the intentions and wishes of the person creating the special needs trust.
Using the Trust
When the trust is set up, the person creating it (called the “grantor”) has a say in how the funds are to be used. For example, money can be dedicated to the daily needs of the beneficiary. Dispersal schedules can be created, as well. In this way, rather than giving someone a single lump sum, you can set up a situation where monthly allotments are made. The advocate would understand this and work with the trustee to make sure the terms were being followed in the beneficiary’s best interest. At the same time, the trustee is charged with managing the funds through investments or other means that keep the trust funded.
Of course, this is just an introduction to the possibilities of a trust. For a much fuller understanding and to get the ball rolling, we invite you to contact our Milford special needs attorneys who are knowledgeable about the field, as well as how state laws come into play. To schedule a free Future Pathways Session simply call (203) 877-7511 and mention this article.
