When a person is unable to provide completely for themselves , it is crucial that they have the proper infrastructure in place to ensure that their health, safety, and financial well-being are fully protected. Both long-term care planning and special needs planning are designed to make sure that vulnerable people are able to access the professional assistance that they so desperately need.
At Promise Law, our estate planning attorneys have extensive experience handling long-term care planning and special needs planning. If you or your family needs guidance with long-term care & special needs planning, please do not hesitate to contact our law office for immediate legal assistance. We are here to help you and your family make the right decisions.
Special Needs Planning
Special Needs Planning is the process of providing an individual with a disability the private and public support and resources to lead as rich, full, and rewarding a life as possible. The planning is often multi-generational as grandparents, parents, and siblings coordinate to provide support for the individual with the disability throughout his or her life, including after the death of the parents.
The person with special needs may rely on needs-based benefits (SSI and Medicaid) to meet basic needs. Special needs planning is essential to preserve access to these critical benefits while enhancing the disabled person’s quality of life. Under federal regulations, Social Security Insurance and Medicaid are subject to very strict income requirements. A gift that is left to a special needs individual could potentially disqualify them from much needed government benefits. The good news is that there is a solution. You can leave financial benefits without causing unintended problems.
With proper special needs planning, you can ensure that your vulnerable loved is able to receive inheritance or financial support without losing access to their benefits. Planning may include adult guardianship, establishing a Medicaid compliant trust, creating protections in family members’ estate planning documents, judicious spend-down of excess resources, or establishing specialized accounts. No matter the specific nature of your situation, an experienced special needs planning attorney can help you put the proper plan in place to provide true protection and support for your most vulnerable loved ones.
When a loved one can no longer completely take care of themselves and the help of another person is required, a common concern is how to pay for that assistance. Long term care planning is the process of identifying resources that may be available to pay the substantial costs of in-home, assisted living, or nursing home-level care. Long-term care is incredibly expensive. Indeed, a private room in a Virginia nursing home could cost $100,000 per year — or possibly even more. Few Virginia families can afford long-term care costs. Assisted living services could quickly eat away at a person’s entire life savings.
Fortunately, there are estate planning tools and strategies that can be used to help protect assets from long-term care costs. Developing and implementing a long term care plan can include updating estate planning documents, transferring resources to a specialized trust, judicious spending of resources, and application for Medicaid benefits. A long term care plan also considers protecting a well spouse and a minor or disabled child, as well as preserving some assets and leaving a legacy for family.
Effective long-term care planning must start early. The sooner you take action, the easier it will be to develop a workable plan. Medicaid has very strict eligibility requirements. Without a proper long-term care plan in place, it could be more difficult to protect assets from nursing home and assisting living care. As with other estate planning issues, long-term care plans must always be developed on a case-by-case basis. The best thing you can do to protect yourself and your family is to consult with an experienced Virginia long-term care planning attorney as early as possible.
Get Help From Our Virginia Estate Planning Lawyer Today
At Promise Law, we are committed to helping our clients find peace through careful, effective estate planning. Our team has deep experience handling a wide range of issues related to both long-term care planning and special needs planning. Whether you are planning ahead or determining your options following a crisis, Promise Law can help.
To set up a fully confidential consultation please do not hesitate to call us at 757-690-2470 or contact us online.