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Factors to address regarding special needs planning

On Behalf of | Mar 28, 2023 | Estate planning |

Many parents may wish to continue providing for the needs of their kids through various stages of life, and the best path to achieving such goals may vary in each scenario. Parents of children with disabilities may find it helpful to explore their available options for special needs planning. Similar estate planning tools could provide a variety of benefits and parents in Georgia may find that knowing what factors to address when creating such a strategy may prove integral to preserving the future interests of their children.

Topics to consider

Experts indicate that one factor to consider regarding special needs planning could pertain to knowing how financial support provided by parents might interact with government benefits. Those who live with a disability may be eligible for benefits via programs such as SSDI, Medicare and Medicaid. However, there may be certain financial requirements involved with these programs, and exceeding asset limits may disrupt one’s eligibility.

Parents who feel it vital to help ensure their kids retain access to government benefits may still wish to help provide for their needs. Options such as discretionary trusts may be just the tool for such scenarios. As the beneficiary of such a trust doesn’t control or own the assets within, this will not affect this party’s eligibility for government benefits.

Evaluating the options

Special needs planning may offer a variety of potential benefits to help parents continue to provide for their children through all stages of life. Parents in Georgia who have questions about what this process might have to offer could choose to speak with an attorney for advice in evaluating their options. An attorney can address all a client’s questions and goals and assist in creating a plan that focuses on preserving the future interests and needs of his or her child.