A Special Needs Trust allows you to support your children without jeopardizing assistance
Special needs children have medical, social and educational needs that often go beyond the family’s financial capabilities. The government can provide financial assistance for families raising special needs children through Social Security Disability and Medicare. These government benefits are income-based, meaning the more you are able to contribute yourself, the less assistance you will receive. Although the government assistance helps with some expenses, maintaining a supportive and enriching environment for mentally and/or physically challenged children is no short-term responsibility. Parents and guardians are well-aware of the additional contributions that they make toward the child’s well-being. Parents are aware that severely challenged children will need financial help and caregiving long into their adult years. Unlike other children who may go to school, get a job and support themselves one day, many special needs children are not capable of a self-sufficient future. For the needs not met by government assistance, parents and relatives want to be able to provide additional support down the road.
Do you have a special needs child or grandchild who receives government benefits? If so, providing a monthly income or putting money away for long-term care could compromise his or her eligibility for government assistance — unless you place those assets into a Special Needs Trust, or sometimes referred to as an Amenities Trust. The primary benefit of a special needs trust is that it allows you to preserve assets and provide for your loved one, even after you are gone, without jeopardizing government assistance. With a Special Needs Trust, your loved one will receive the financial care he or she needs without losing Social Security, Medicare or other income-based government benefits.
The attorneys of Kathryn Wayne-Spindler & Associates are ready to help you set up a special needs trust for your loved one. We help you understand the limits and benefits of this option and whether it is right for you. Contact us at 248-676-1000 to set up a consultation at our Milford, Michigan office.
Kathryn Wayne-Spindler & Associates have many satisfied clients throughout the five counties of Southeastern Michigan – Oakland, Washtenaw, Wayne, Genesee, and Livingston. The Michigan Family Law Attorneys of Kathryn Wayne-Spindler & Associates have one simple objective: to handle our clients’ legal worries so they can concentrate on life and family. Contact Kathryn Wayne-Spindler & Associates today to learn more about our experience and success at 248-676-1000. We are conveniently located in Milford, Michigan. We help clients throughout Milford; Highland; Hartland; White Lake; Commerce; Waterford; West Bloomfield; Walled Lake; South Lyon; New Hudson; Wixom; Linden; Holly; Fenton; Grand Blanc; Flint and many more local communities.