Do you need a will?

By August 29, 2017Uncategorized

You Need a Will If You Have a Special Needs Child

 

In this series of blogs, we address the issues existing that would necessitate you having a Will. In our last blog, we discussed using a Will as a means of nominating a person who will become the Guardian for your children if you pass away.  Now, we want to discuss with you the ramifications of having no Will or a Will without a Special Needs Trust, yet having an heir who receives needs-based government support.

 

If you have a child who is handicapped and is receiving Medicaid from the federal government, it is needs- based support.  In situations like this, you must consider how you leave assets to this person because you may well disqualify the child from Medicaid or from receiving future government benefits.  To insure your child receives the full benefit of the property you wish to leave for him, yet not destroy their qualification to receive government benefits, you must leave property to that child in a Special Needs Trust.

 

This is a very specialized Trust that is designed to bypass government aid qualification rules, and allows you to provide for your beneficiary after your death.  A Special Needs Trust does not just come into existence; the easiest way to create a Special Needs Trust is by including it in your Last Will and Testament. Therefore, if you die without a Will or a Will without a Special Needs Trust, you greatly expose your child to becoming disqualified from receiving government aid.

 

Please call Robert W. Hughes & Associates for help in setting up your Will to include a Special Needs Trust.

 

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