The National Academy of Elder Law Attorneys (NAELA) has designated the month of October as National Special Needs Law Month. Special needs planning is an essential part of my elder law practice. There are unique steps to be taken to preserve life savings and assets when it comes to navigating the law relating to special needs planning. I help my clients gain an understanding of the complex Medicaid planning issues relating to trusts for a disabled person. I assist families in financing long-term care and provide my clients with the legal tools for financial management, such as Wills, Living Wills, Powers of Attorney, and Trusts, including Special Needs Trusts.
According to federal and state laws, a person who is less than 65 years old can create a Special Needs Trust to preserve his or her life savings. The disabled individual can place any amount of assets into the trust as long as it is for their sole benefit. Until recently, only a parent, grandparent, or guardian could establish the trust.
If a parent wants to deposit his or her own assets into a trust for a disabled person, then we can prepare a trust to accomplish this objective. This type of trust is commonly referred to as a Supplemental Special Needs Trust. There are no restrictions on the age of the disabled person for this type of trust.
I often tell my clients that if you do not know your rights, then you do not have those rights. It is important for families and caregivers to become more aware of the legal rights of their loved ones and to learn about the resources available when it comes to special needs law planning, which is a complicated area of the law. Learn more about our special needs law planning services.
Law Office of Donald B. Mark 