When a family member has special needs, making sure they have the necessary resources available throughout their life is vital. Special needs estate planning identifies and addresses financial and legal concerns that may arise during your loved one’s lifetime. By planning for the future, you can ensure they receive financial, legal, social, and medical care.
Special needs estate planning in Melville requires a thorough, comprehensive, and caring approach. An experienced estate planning lawyer could provide guidance throughout the process and explain what options are available. Call Tully Law Group, PC, today to learn more about our life and estate planning services.
Special needs trusts, or SNTs, are an important tool for many families to ensure their loved ones with special needs are well cared for. When properly created, a special needs trust can preserve eligibility for government benefits like Social Security and Medicaid while also providing supplementary financial support for the beneficiary.
A special needs trust generally must be an irrevocable trust. The irrevocability of the trust is crucial to preserving access to government benefits. In some cases, a third-party trust (one that is funded by someone other than the special needs individual) may be revocable. An experienced special needs estate planning attorney in Melville could help an individual determine which type of SNT is right for them.
When planning for the future, it is essential to consider both healthcare and financial decisions.
Making appropriate arrangements for healthcare is crucial for everyone. Advance healthcare directives outline a person’s wishes and designate a person to make important healthcare decisions. Preferences like limiting the scope of emergency medical care, including resuscitation and intubation, should be clearly outlined in an advance healthcare directive.
Moreover, putting healthcare directives and wishes in writing can make decisions easier for loved ones. This means families are not left guessing about their loved one’s wishes. It also helps medical staff explain to families what medical care is appropriate based on these directives.
A financial power of attorney gives a person legal authority to make financial decisions for another. If an adult with special needs is unable to manage their financial affairs, having a financial power of attorney can be crucial. This person can make sure that bills are paid, money is effectively managed, and the special needs individuals are not being taken advantage of.
A special needs estate planning lawyer could review your specific case in Melville to determine if either – or both – of these approaches is appropriate for your situation.
A life care plan may be essential to help a person with special needs live as independently as possible. A thorough life care plan in Melville may include special needs estate planning documents, transition plans, and recommendations.
Importantly, this plan should outline:
These plans require collaboration between families, lawyers, social workers, and medical providers. A thorough plan that addresses all legal and financial aspects, as well as social and medical, is vital to ensuring a special needs loved one receives necessary care throughout their lifetime.
Tully Law Group, PC provides comprehensive special needs estate planning in Melville. Let us help you create a plan that fits your family’s needs.
Planning for your and your loved one’s future is crucial. Reach out to our office today to learn more about our life planning and special needs estate planning services.
