Do You Have a Family Member with Special Needs or a Disability?

If you have family member with special needs or a disability, you need to be very careful about your Estate Plan. Many people with special needs receive Supplemental Security Insurance (SSI), and receive state and federally provided programs and monetary assistance. For some benefits and programs, the beneficiary cannot have more than $2000.00 in “non-exempt” resources. Leaving a special needs beneficiary an inheritance, making them a beneficiary of your life insurance, or providing a “gift” may seriously and negatively impact their important benefits.
If you find yourself in this situation, consider the options carefully. ABLE Accounts, Special Needs Trusts, and other alternatives may be available. However, you must understand the “pro’s and con’s” of each, and determine which is the best option for your family member based upon their disability and unique circumstances. Then, implement the correct option into your overall plan, and take comfort in knowing that you acted in the best interest of your disabled family member.
It is also very important to understand exactly what benefits are being received by your family member. Many benefits sound alike, but are very different. SSI verses SSDI, Medi-Cal verses Medi-Cal – it can all be very confusing. Your good intentions, but poorly planned Estate Plan, could inadvertently be disastrous for your disabled loved one.
It is important to seek the guidance of an Attorney well-versed in this area of law. If you have questions, please visit www.themcnamaralawfirm.com, or call (661) 287-3260 for an appointment. You can also visit our YouTube channel by searching: McNamara Law Firm.