How do I provide for my special needs son who is turning 17 soon? Do I need a special trust set up for him? What kind of
Westbury, NY |
Attorney do I seek out? My son is certainly capable of working independently but he does have a classified learning disability. Is he eligible for Medicaid? Not sure how to proceed in the best interest of my son.
1, He may be able to apply for SSDI if his disability is bad enough. However, if he is capable of working, he may not qualify.
2. You would be wise to in one or more life insurance policies. One term life that would be placed into an irrevocable life insurance trust (to save taxes), and make sure that the trustee (the person handling the money) is different than the person who will be actually taking care of your son (the guardian), if he needs one.
3. You may also want to take out some sort of savings plan life insurance policy that will grow over time. This won't give you the bulk money you may need with term, but will be there if you live past the age of 60, at which point term insurance is hugely expensive or impossible to get
With these two things in place, he should be a least moderately set up to have the financial backing he may need for the rest of his life.
Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale negotiations, and estate planning in Whatcom, Skagit, Snohomish, King and Pierce counties. The response does not constitute specific legal advice, which would require a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter; rather, it is intended to be general legal information based on the limited information provided by the inquirer; it This response also does not constitute the establishment of an attorney-client relationship, which can only be established after a conflict of interest evaluation is completed, your case is accepted, and a fee agreement is signed.
Johnson Legal Group, PLLC
You should consult with an estate planning attorney regarding a possible special needs trust for your son. That will allow him to (continue to) receive government assistance without the need to spend down his inheritance first.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. *****************************************
I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration.
I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer.
Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!