How do we protect the interestss of our special needs son after we have died?
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How do we protect the interestss of our special needs son after we have died?
My husband and I are creating a Living Revocable Trust for ourselves at this time and have learned that we need to deal with the special needs of our son separately from that. We would like to leave what we have to him for his care but want to make sure in doing so that he does not lose any of the Government benefits he now receives. He is total care, functioning on a level of a 6 to 9 month old. He is at home with us and we do all of his daily cares. He is covered through BC/BS and Medicaid. What do we need to see this through?
Asked on October 22, 2011 under Estate Planning, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
What you need to do is to seek help from an attorney familiar with creating what is known as a special needs trust for your son. Also sometimes called a supplemental needs trust, this form of a trust makes it possible to appoint a trustee to hold property for the benefit of your disabled child after you are gone and without disqualifying him from benefits received from government programs such as Social Security and Medicaid. It has to be termed properly: Irrevocable Special Needs Trust f/b/o Your Child's Name and please make sure that you appoint a trustee that you can rely on. This way his governmental benefits will pay for his daily necessities and the trust can pay for anything over and above that. Good luck to you.
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