The ultimate benefit for you and other family members of having a comprehensive special needs plan in place is the peace of mind that comes from knowing your special needs child will receive the best possible care for the rest of his or her life.
Special Needs Trusts
Some of the more powerful tools in the special needs planner’s toolbox are special needs trusts. There are many different types of special needs trusts, intended to accomplish a variety of specific goals, but in general they seek to maintain a special needs child’s eligibility for means tested government assistance programs, including Medicaid and Supplemental Security Income (SSI). Special needs trusts can also create a fund to supplement the services and/or care not provided by means tested programs.
While the concept behind special needs trusts is fairly simple, the proper design and implementation of them is anything but. Why? There are many different Medicaid and other public assistance programs available, and each has its own set of rules for eligibility. In addition, the care requirements for a special needs child change over time, as do the financial resources of the special needs child’s family. The laws governing eligibility and the benefits available constantly change as well. For a well-drafted special needs trust, and a truly effective overall special needs plan, you should seek counsel only from attorneys with extensive training and experience in this complex and important area of the law. A law firm, that is, such as the Michigan Law Center.