Planning for Special Needs Families

All families with growing children face difficulties and challenges. However, for those with a special needs child these challenges can be overwhelming, and the need to care for these children can be a lifelong labor of love. Because many of these children will not have the ability to provide for themselves once they reach the age of majority, a primary objective of the special needs parent (or grandparent) is to provide the child with funds for care without disqualifying him for support or benefits which might otherwise be available from various government programs.

The primary risk from an improperly planned support program is the loss of health benefits provided through the Medicaid program, which can be triggered by an act as simple as a grandparent leaving a testamentary bequest of a few thousand dollars directly to the child.

With some basic planning, an appropriate attorney-drafted Special Needs Trust and some creative funding techniques, PPC can help devise a plan to not only avoid loss of government benefits, but also provide peace of mind that sufficient funds will be available in a protected environment to provide for a child’s long-term care.

For more information, or to schedule a no-cost, no-obligation consultation, please contact Preferred Planning Concepts at (847) 375-0505 or click here.