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Caring for a child or adult with special needs comes with unique planning to make sure they are protected if something happens to you. It is important that loved ones are left with enough funds to help cover future care costs and personal needs. Special needs planning can be complex and requires the help of a Las Vegas special needs planning lawyer.
The special needs planning lawyers at Ken R. Ashworth & Associates have been helping clients throughout Las Vegas with estate planning needs. We understand how important it is that loved ones are taken care of and have all their needs met if you were to pass away. Our team offers over 30 years of experience with open access to our clients.
Special needs planning involves using a Special Needs Trust that is established to provide future care for those who are disabled. It is essential to have a Special Needs Trust established just in case the caregiver or parents become unable to care for them due to incapacity or death.
A Special Needs Trust protects these funds from any lawsuits or creditors and protects the funds from being counted as financial assets of the disabled. This is essential to not affect eligibility to receive government benefits like Medicaid or Supplemental Security Income (SSI). The income resource limit for Medicaid eligibility is $2,000 for long-term care benefits.
By placing finances in a trust, it does not inflate the wealth of the disabled person and therefore will not deplete those funds prior to Medicaid paying for their long-term care or housing needs. By having a Special Needs Trust in place, you can support a loved one’s access to government benefits, have long-term care, and improve their lifetime quality.
There are three types of Special Needs Trusts in Nevada that families can consider when planning their estate:
There are 14 million children in the U.S. with a special healthcare need. Parents who have children with special needs who have not set up a trust may be concerned that it will affect eligibility to receive Medicaid and SSI benefits. Inadequate planning leaves loved ones with an uncertain future. It is important to hire a special needs planning lawyer to help you navigate the process and figure out what trust works so that loved ones are well taken care of after you pass.
A: Special needs planning is the estate planning process that allows a loved one with special needs to maintain eligibility for government benefits while providing for their lifetime quality through a trust. A Las Vegas special planning lawyer can help navigate Nevada laws pertaining to Medicaid and SSI so that your estate plan will not harm the loved one’s eligibility for long-term care.
A: A Special Needs Trust in Nevada helps protect eligibility for Medicaid and SSI by holding assets for beneficiaries with special needs or disabilities, making sure that funds are used for supplemental needs rather than used to replace public benefits. These trusts are managed by a trustee, which prevents the beneficiary from directly owning assets and keeping them under the financial limitations to be eligible for Medicaid.
A: A first-party and third-party special needs trust differ in where the funds are coming from. A first-party trust holds the beneficiary’s personal assets gained from an inheritance or a settlement and requires a Medicaid payback after death.
A third-party special needs trust is funded by someone else, like a parent, grandparent, or guardian, and does not require Medicaid reimbursement. The third-party option allows remaining funds to then pass on to other beneficiaries after the disabled individual passes away.
A: A Las Vegas special needs planning lawyer helps secure long-term financial stability for those with disabilities by creating Special Needs Trusts that fit their unique situation and helps protect their eligibility for government benefits like SSI and Medicaid. These trusts give a comprehensive estate plan that is focused on the needs of the disabled individual, making sure that they can receive long-term care, and their lifetime quality is protected.
At Ken R. Ashworth & Associates, our special needs planning lawyers are ready to help your family navigate the Special Needs Trust process in Nevada. By enlisting our help, we can help you avoid costly mistakes and make sure that loved ones with special needs have the financial resources and access to care they will need for the rest of their lives.
Our firm has maintained a good reputation throughout the state for helping our clients make sound choices to help protect the future of their loved ones. Contact us today to schedule an initial consultation at our Las Vegas office. Let us put our knowledge and experience to work for you.
