Morrison Law Group, PLC

Estate Planning | Business Planning

Attend a Free Workshop SCHEDULE A CONSULTATION
(504) 831-2348
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Probate and Successions
    • Veteran’s Benefits
  • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
  • Business Planning
    • Business Planning
    • Business Succession Planning
    • Family-Owned Businesses
    • Small Business Medicaid Planning
  • Seminars
  • Resources
    • Estate Planning Resources
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Estate Planning Reports
      • Estate Planning Checkup
      • Is Your Estate Plan Outdated?
      • Incapacity Planning Definitions
    • Elder Law Resources
      • Are You A Caregiver?
      • Coping With Alzheimer’s
      • Guardianship & Conservatorship
      • Hospice Care
      • Elder Law Reports
      • Elder Law & Medicaid Definitions
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
    • Special Needs Resources
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Trust Administration & Probate Frequently Asked Questions
      • Legacy Wealth Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
    • DocuBank
  • Reviews
    • Our Reviews
  • Blog
  • Contact Us

Special Needs Planning

Families who have a family member with a disability must plan for the future very carefully. How assets are left after your death can have a tremendous impact on the quality of life for that person. In the past, a Will may have been enough, but times have changed. To protect a person with special needs, a well-defined estate plan is vital.

If you have not yet created an estate plan, doing so could be one of the most important actions you can take on behalf of your children’s future well being. A properly drafted estate plan designates who will care for your minor children upon your death, as well as providing for the smooth transfer of wealth to your children. Many parents assume that making sure a child is financially secure after they are gone means leaving the assets outright to the children. For many reasons, such as a child’s inability to manage finances, the outright distribution of your assets to your children may not be the most prudent option. This becomes especially true if any of the beneficiaries of your trust estate have, or develop in the future, special needs, and require the assistance of government aid.

Know Your Options

Leaving assets outright to a special needs child could render them ineligible to receive otherwise valuable government assistance until those assets are exhausted. But what is a parent to do to avoid this result?

One option is to disinherit the special needs child completely, thereby allowing the child to receive aid from the government they would otherwise not be able to receive with an inheritance. Although the parents could instruct their other children to care for the special needs child, there is no guarantee that this will be done. Additionally, there is no assurance that the government program will continue in existence or will provide the expected level of assistance. Finally, and possibly most significantly, the psychological effects of disinheriting the child could be devastating to the child and the parents during their lifetimes. Therefore, for most parents, this option is not an option at all.

A second and more viable option for fulfilling a parent’s desire to care for a special needs child without interfering with his or her ability to receive government assistance is through the use of a properly drafted Revocable Living Trust (RLT). Special provisions can be included in your RLT limiting the child’s access to the trust assets and, hence, the inheritance’s effects upon assistance eligibility.

How a Special Needs Trust Works

A Special Needs Trust allows a parent, grandparent, or guardian to provide funds for a child with a disability without disrupting the child’s eligibility for government aid. Setting one up is a fairly simple process. Important points to remember while investigating the use of this estate planning tool are:

  • Decide on an appropriate guardian for your child
  • Determine who would be a suitable Trustee(s) to manage the Trust’s assets and supervise your child’s finances
  • Outline instructions for your child’s education, housing, personal and emotional needs

Our law firm helps families address the financial, legal, and social aspects of a person’s life to develop an effective plan for the future. Our goal is to ensure that their needs are met and that they have the opportunity to expand their horizons and follow their dreams.

Morrison Law Group, PLC

Plan for Your Future and Protect Your Legacy

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Address

3813 N. Causweay Blvd.
Suite 200,
Metairie, LA 70002
Phone: 5048312348

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 3:00 PM

Evening appointments available upon request.

Map

MAP
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
MORRISON LAW GROUP

© 2021 American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy