Special Needs Planning In Vancouver, WA
Pettis Webber Pacific P.S. helps clients protect their assets while having access to money through special needs trusts.
Special Needs Planning In Vancouver, WA
If you’re caring for a loved one with special needs, you face challenges others often don’t. One of the most significant challenges is dealing with assets and government benefits. If your loved one has “too much” in assets, he or she won’t qualify, or remain eligible for benefits. However, most of the time the public benefit is not enough to provide the quality of life you want for your loved one. Thankfully, you can preserve assets and protect benefits eligibility through special needs planning.
As Vancouver, WA special needs planning attorneys, we can help you put together a plan that can allow use of assets beyond what otherwise limits your loved one in what they can enjoy in life, and simultaneously protect his or her ability to continue receiving all the public benefits they need.
Special Needs Planning has numerous benefits including:
- Asset management
- Asset protection
- Maintaining government benefits
- Money and assets in supplement to public benefits
Benefits Protection For An Adult With Special Needs
Your loved one may rely on SSI and Medicaid to pay for medical care, care home costs, and/or housing. As you likely know, these benefits are means-tested, so your loved one may lose eligibility for benefits if they inherit, receive a money award in a lawsuit, or receive gifts. Fortunately, you can create plans using special needs trusts and even ABLE accounts to provide for a great deal more than what the public benefit alone can do for your loved one. He or she can then have and experience many things and opportunities otherwise denied to them. There are many kinds of special needs trusts, and using the wrong type can be financially devastating. However, when you use the correct type, it benefits you and your loved one tremendously.
Types Of Special Needs Trusts
We focus on special needs planning in Vancouver, WA. We can help you set up the right type of special needs trust, whether a first-party or third-party or pooled special needs trust. Often, a first-party special needs trust is created when the person receiving public benefits receives a money award in a lawsuit, an inheritance, or a significant asset gift from another. When that person passes away, assets left in the trust first must “pay back” Medicaid. First-party special needs trusts must only benefit the recipient of SSI or Medicaid; otherwise, the protections of it may not work and the public benefits and trust assets can be at risk.
Third-party special needs trusts are set up by a loved one for the recipient of public benefits. These types of special needs trusts can be crafted into a will or a revocable living trust to take effect after your death to hold and protect the inheritance so the beneficiary doesn’t lose his or her SSI and/or Medicaid. They may also be set up as separate, stand-alone trusts. When the beneficiary of the special needs trust passes away, there is no “pay back” requirement with what remains in this type of special needs trust. Instead, you direct who or what inherits the remainder of assets in the trust.
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Pettis Webber Pacific P.S.?
- Free Consultation – Undergo a free consultation with a legal assistant to determine if our services are right for your needs.
- Specialized Services – Our team relies on years of experience to provide specialized services for our clients. These services ensure that each client’s unique needs are met and their interests are protected.
- Free Seminars – Pettis Webber Pacific P.S. regularly holds free seminars that cover topics like estate planning, wills, living trusts, and the costs of long-term care.
- Large Staff – Pettis Webber Pacific P.S. has multiple attorneys, legal assistants, and staff members on hand to assist you with all of your needs. Because of our large staff, we can handle last-minute and urgent needs.
- Simplifies the Process – Legal issues are complex and challenging for the layperson. Pettis Webber Pacific P.S. prides itself on helping clients understand these complex issues while navigating the process.
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