Tailored Special Needs Planning for Families in St. Louis County, MO
Special Trust Legal LLC
Qualified training and experience is necessary to secure your special needs child's future. Learn how Jennifer A. DiCarlo can help with customized planning for your family.
Busy parents of children with special needs have enough on their plate without worrying about the future. However, our proficient legal guidance can help give your special needs child a bright future. At Special Trust Legal in St. Louis County, MO, we focus on providing clear, compassionate guidance to help families secure a bright future for their loved ones. Jennifer A. DiCarlo draws upon both her special education and legal experience to make the process painless, efficient and pleasant.
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Create a special needs trust that safeguards your child’s future
Anticipating Financial Needs for Your Emerging Adult
The transition from school to adulthood can be a challenging period for families with special needs children. As your child steps into adulthood, they lose the support of teachers and paraprofessionals and will have to adapt to many changes. This is stressful for the child as well as the parents, which is why early planning is a must. Starting early to develop a life plan for your child goes a long way in maintaining continued support, financial security, and personal happiness.
Early planning addresses immediate needs while setting the foundation for long-term care and security. This involves various aspects of the child’s life, such as housing, employment, and social integration. One important aspect of any such plan is a well-crafted special needs trust.
Crafting Special Needs Trusts to Guard Access to Public Benefits
Special needs trusts are essential for preserving access to public benefits while ensuring your loved one’s financial security in St. Louis County. These trusts can pay for various expenses without jeopardizing eligibility for crucial public benefits such as:
Supplemental Security Income (SSI)
SSI is a needs-based federal program that requires a disability and limited income and assets. It provides monthly payments for basic needs like food, clothing, and shelter. If you’re not careful about how you leave money to a disabled loved one, they could lose this benefit.
Social Security Disability Insurance (SSDI)
SSDI is a federal insurance program that doesn’t require limited income and assets. It is based on work history or, in some cases, a dependent benefit if the person has been disabled from childhood and has a parent receiving Social Security or who is deceased.
MO HealthNet: Medicaid Assistance for Disabled Individuals in Missouri:
MO Medicaid provides essential benefits for eligible disabled individuals including medical coverage, case management and community and independent living supports. Ensure your loved one can access these crucial benefits, while preserving financial resources through strategic special needs planning.
Medicare and Medicare Savings Program:
Medicare is a federal program available to individuals with disabilities who have received Social Security Disability Insurance (SSDI) benefits for at least 24 months. Additionally, the Medicare Savings Program (MSP) offers assistance to Missouri residents who meet income and asset guidelines, covering costs such as Medicare premiums, deductibles, and coinsurance copays.
Section 8 Housing and Veterans' Disability Benefits:
The Section 8 housing program provides eligible, “low income” individuals with below-market rental units in public and private housing developments or alternativley, subsidy vouchers for use in the private market. For Veterans, VA disability compensation provides monthly, tax-free payments for service-related disabilities, including physical and mental health conditions like PTSD.
First Party Special Needs Trusts
First Party Special Needs Trusts draw their funds from the beneficiary’s own assets. In many cases, these come from an inheritance or personal injury settlement. These trusts comply with restrictions on income for public benefits, supplementing rather than replacing SSI. The trusts are also irrevocable and exclusively fund the beneficiary’s needs. By establishing a First Party Special Needs Trust, you can maximize the funds available to provide for your child’s quality of life.
Third Party Special Needs Trusts
Third Party Special Needs Trusts are funded by someone other than the beneficiary, such as a parent or grandparent. These trusts can cover expenses not covered by public benefits and offer greater flexibility in terms of asset management and distribution. Setting up a Third Party Special Needs Trust in St. Louis County is an excellent way for family members to contribute to the financial well-being of their loved one without compromising their public benefits.
Role and Responsibilities of a Special Needs Trustee
The trustee of a special needs trust plays a vital role in managing the trust’s assets and ensuring they are used appropriately to benefit the special needs individual.
Choosing a Trustee
Special Trust Legal helps guide St. Louis County families through the critical choice of the right trustee for special needs loved ones. While it might seem natural to appoint a parent or sibling, this isn’t always the best choice. Managing a special needs trust can be remarkably complex, and conflicts of interest can also arise within the family. A third-party trustee is often a better option for their unbiased, experienced management. An attorney, for instance, has invaluable experience in handling special needs trusts.
A professional trustee also possesses the impartiality to make difficult decisions about the distribution of funds. This can translate into continuity and stability, much-needed factors in the challenging life of a special needs person. Even as family dynamics change, an experienced trustee can continue to push for the beneficiary’s best interest.
Supporting the Beneficiary’s Rights and Anticipating Needs
A good trustee not only manages the trust’s finances but also advocates for the beneficiary’s rights and anticipates their future needs. This proactive approach ensures the beneficiary receives the best possible care and support throughout their life. However, the trustee needs to be familiar with the beneficiary’s unique needs and preferences, which Special Trust Legal can help communicate and explain.
Being a good trustee isn’t only about legal knowledge. Instead, it requires compassion, attention to the beneficiary, and regular communication with caregivers, medical professionals, and social services. This holistic approach creates a supportive environment where the beneficiary can thrive. Attorney Jennifer DiCarlo can be a lifeline for St. Louis County families to help with trustee selection and guidance for the trustee once they begin to serve in that capacity.
ABLE Accounts
ABLE (Achieving a Better Life Experience) accounts are tax-advantaged savings accounts for individuals with disabilities. These accounts allow families to save money for disability-related expenses without affecting eligibility for public benefits. While trusts are essential, an ABLE account offers a different kind of flexibility. There is no trustee overseeing an ABLE account. The disabled individual (or appointee) generally owns and manages the funds to pay expenses such as education, housing and transportation directly, all without compromising benefits.
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