If you are a caregiver of a loved one who has special needs, it is important to know that you may be required to file an estate plan for your special needs child. This is especially true if you have already filed your regular tax returns and want to ensure that you have distributed all of your assets appropriately. I strongly suggest you to visit Oren Ross & Associates – Roswell Special Needs Trust Attorney to learn more about this. An estate planning attorney can assist you in setting up an estate plan that takes into account your special needs child’s special needs. In many cases, a special needs trust will also be required. Knowing what you need to do in this case is the first step in preparing for when you need a special needs trust; the next step is choosing a law firm that can best handle your case.
You will also need the assistance of a special needs trust attorney if the funds for your child’s Medicaid or Medicare are placed in a bank account and not properly designated for your special needs child. In many situations where Medicaid or Medicare funds are involved, the state will determine which funds should be transferred and which should be retained by the trustee fund. If these funds are improperly designated, a default judgment could be issued against you if you fail to provide the funds the trustee is entitled to. Therefore, a special needs trust attorney can help you secure the proper designation of Medicaid or Medicare funds and prevent the possibility of a default judgment by helping you prepare the appropriate documents to register such funds with the state.
If the federal government does not provide any Social Security benefits and your special needs child does not have any disabilities, then you are responsible for all of your child’s expenses, including medical expenses. Unfortunately, there are many scenarios where a parent may not be able to care for their child in any way and in that case, parents must establish an elaborate trust that will take care of the child’s living expenses. Even though most parents begin their process by selecting a trustee who they believe understands all of their needs, there are many other considerations that must be made before s/he can proceed with establishing a special needs trust. If you are concerned about the future of your child, you should immediately contact a trusted financial planner who is familiar with setting up special needs trusts and who can assist you in deciding what type of arrangement will be in your child’s best interest. Your lawyer can provide you with information regarding your rights as well as assistance in preparing the necessary forms.