CHILDREN WITH SPECIAL NEEDS
The Key Tool in Planning for Children With Special Needs
Special Needs Trust
A Special Needs Trust is a special trust that holds title to property for the benefit of a child or adult who has a disability. The Special Needs Trust can be used to provide for the needs of a person with a disability and supplement benefits received from various governmental assistance programs, including SSI and Medicaid. A trust can hold cash, real property, personal property, and can be the beneficiary of life insurance policies.
Although Special Needs Trusts are just one tool we use to help, they are an extremely important tool. A Special Needs Trust can be used to protect funds that will enhance the quality of life for a disabled child or family member while preserving eligibility for benefits. Assets inside a special needs trust, when it is done right, are exempt when establishing eligibility. Further, as special needs attorneys, Wilson + Miller in Little Rock can help you understand the rules relating to trust administration so disbursements from the trust don’t cause a loss of eligibility
The ABLE Act
The ABLE Act can be a powerful tool to help you achieve your financial goals for you or your loved one. The ABLE Act was passed by Congress in early 2015.
Our business partner Vincent Russo and his wife Susan gave birth to a special needs child 25 years ago. The doctors told them she would never go home from the hospital. She did. She lived a great life for five years with her loving family. When they lost her, Vincent and Susan decided to do something amazing: They formed the Theresa Foundation for children with special needs.
That foundation now funds the Theresa Academy of Performing Arts for Children of Special Needs. The Theresa Academy is an amazing resource to special needs children on Long Island, New York.
We mention this here on our website partly because we are proud of our partner Vince Russo and his wife Susan, but mostly because we want our own client families to see the power of what can happen when families decide to turn the pain of their loss into an asset in their community. Stan and his wife Patrice attended the annual fundraising event for the Theresa Foundation on April 30, 2015. It was the 21st annual fundraiser for the Theresa Foundation, and it was simply an amazing event. Through their leadership, Vincent and Susan have made it possible for hundreds of special needs children to experience community and personal growth that would not have been possible without their help. Vincent and Susan are models for what is possible.
Don’t Leave the Future of Your Special Needs Child to Chance
Special Needs Planning is critically important in preparing for the future of your disabled child or loved one. Promoting a high quality of life, dignity, personal choice, and financial security shouldn’t be left to chance. It will happen because we help you make it happen. Early intervention is key in planning for disability benefits, Medicaid, Medicare, Supplemental Security Income, and more. Public benefits can stretch family dollars as you build a safety net for your child or loved one. We can help you navigate these complex systems. Special need attorneys can help you with other issues as they arise. We can help you understand the right way (and the wrong way) to settle a personal injury suit if you’re disabled as a result of an injury, and we can help you with decision-making tools like powers of attorney, advance directives for health care, guardianship, and conservatorship.