Who Needs to Do Special Needs Planning?
- Anybody that receives or is about to receive public benefits
- People that have loved ones with an obvious need
- Anybody that may receive public assistance after a settlement
- People with needs that are about to receive an inheritance or settlement
What is Different about Special Needs Estate Planning?
People with special needs need special planning in order to qualify for, or to continue to qualify for public benefits. Too much money on hand can be a bad thing unless it is protected in certain ways.
Also, you need to carefully consider a guardianship for people with needs. If they are over 18 and cannot manage their own affairs, you need to look into a guardianship.
When Should You Do Planning?
- When you have a loved one that receives or is about to receive public benefits
- When there is an obvious need
- When you may receive public assistance after a settlement
- When you are about to receive an inheritance or settlement
Why do Planning for People With Special Needs?
- Without special handling of the money, an inheritance can wipe out a person’s public assistance benefits
- People may need somebody to manage their affairs for them with a guardianship
from DeWitt Law Firm, PLLC http://ift.tt/1FYEgaD
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