Estate Planning: Special Needs Trust.

[Ema]

Some recent threads have gotten my family thinking about whether or not we are adequately prepared for my future in terms of financial planning.

It looks like we will be consulting with an estate planner in the near future, but I found this article which may provide some insight on the options available.

A Special Needs Trust can help to protect inheritance assets from causing a disabled individual to lose Medicaid benefits etc...

It's hard to think about these kind of things. But I imagine it's harder to face them in a time of crisis as well.

http://specialchildren.about.com/od/longtermplanning/qt/fftrust.htm

 

[minkeygirl]

My cousin has a Special Needs trust for her daughter who has Huntington's disease. One thing about the trust is that if for some reason the recipient is no longer here, the money in the trust goes to Medicaid. Check on that with the atty.

They can be complicated and expensive to set up but worth it if it protects someone who inherits the money but aside from that has nothing.