They navigate a confounding thicket of tasks
and rules. On one side, there is the bureaucracy that government program
administrators may erect at any moment. On the other, there are specialized
trust accounts and estate planning issues to consider.
In this election season and
numerous others, there are many debates on which government programs should
stay put and which ones should be cut.
Oftentimes, the disabled population gets forgotten in these
debates. If you have a family member
with special needs, what are you to do if the aid they depend on gets thrown on
the chopping block? Planning ahead is a must in this situation.
Unfortunately, few parents of
children with special needs fully appreciate what is at stake and how to
protect it. To make matters worse, too few professional financial planners are
versed on the need to provide a long-term solution for such children,
especially with shrinking public assistance benefits.
The New York Times recently provided a mini-primer of sorts on the
subject titled “Assuring Care of a Family Member With
Special Needs.” While proper
planning will vary from one family to another, given different needs, there are
many tools to employ ranging from special needs trusts to life insurance. The
key is to know which ones to use.
As funds available for public
assistance programs such as Medicare, Medicaid, and Social Security become more
restricted and unpredictable, planning for special needs is going to be more
and more important each year. Seek appropriate counsel for your special needs
family member to gain peace of mind for their future care.
Contact your Newport Beach, California Estate Planning Attorneys at Meier Law Firm to discuss special needs planning for your family.
Reference: The New York Times (October 5, 2012) “Assuring Care of a Family Member With