When you have someone in your life who is disabled, you may feel a special responsibility to enrich your loved one’s quality of life as much as possible. Whether you are a parent, friend, or relative, you may hope to add light to a disabled loved one’s life by making a financial gift. Unfortunately, if you do this and have not planned properly, your gift could be mismanaged or it could trigger a loss of government benefits that are of vital importance.
You cannot afford to make mistakes when providing financially for someone with special needs, as you never want a kind gesture to create chaos in the life of a person who you hope to help. Parents and guardians also must make sure they make smart choices not only about financial support, but also about day-to-day care.
Thompson Law, P.C. can help with these issues. Our legal team is here to provide assistance with everything that needs to be a part of your special needs plan. To find out more about how a Sioux Falls, SD special needs planning lawyer can help you, give us a call for personalized advice and to get answers to questions you have about special needs planning including:
- Is special needs planning something I need to worry about?
- What should I do to make a special needs plan?
- How can a Sioux Falls special needs planning lawyer help?
Is Special Needs Planning Important to You?
Special needs planning is most important for those who are dependent upon parents, caregivers, and relatives to help them to maintain their quality of life and to help them to maintain benefits. If you have someone in your life who is counting on you to help them live the best life possible with their disabilities, you owe it to this person to make gifts the right way and to make the right plans for their future.
Parents or guardians have, as their foremost responsibility, the obligation to ensure that the person with the disability is always cared for and safe. A parent or guardian may not always be around to personally provide care, so should make certain that a new trusted guardian can take over day-to-day care and management of the affairs of the disabled person.
Parents or guardians could arrange for the same person to become guardian and provide daily care, such as making certain a sibling of the disabled person will open his home and have authority to make decisions and manage assets for the person with the disability. Parents could also arrange for placement in a care facility, while also naming a guardian to manage the affairs of the disabled person.
For parents and other friends and relatives, special needs planning is also important if giving a financial gift, both to make certain the gift doesn’t jeopardize benefits and to make certain that there is a trusted person placed in charge of using the money or property for the benefit of the disabled person.
What Should You Do to Make a Special Needs Plan?
The components of your special needs planning can vary depending upon what role you play in the life of the person with the disability. You may wish to:
- Buy life insurance so a policy will pay out for the care of the disabled person after your death. Parents commonly do this when they have a disabled child so money will be available from the insurer for that child’s care after the parent’s death.
- Make plans for where the person with disability will live. This is important if the disabled person is currently living with you and being cared for by you. You can research appropriate facilities to find the best living environment.
- Create a special needs trust. This type of trust is the best way to provide a financial gift for someone who is disabled. These trusts are also called supplemental needs trusts because they can provide for the needs of a person with a disability that aren’t covered by government benefits… and they can do this without causing a loss of benefits.
There may also be other steps that should be a part of your special needs planning process, depending upon the specifics of your role within the life of the disabled person and the plans you have for the disabled person’s future.
How can a Special Needs Planning Lawyer Help You?
Thompson Law, P.C. helps you to make a personalized disability plan that gives you the chance to provide support and care for a person in your life who has special needs. Give us a call at 605-362-9100 or contact us online to talk with a Sioux Falls special needs planning lawyer to find out more.