Special Needs Planning
Drake Law Practice has a passion to ensure that individuals with special needs receive all the benefits available to them
in Ohio, Kentucky, Indiana and Illinois.
Special Needs Trusts | Guardianship and Alternatives | Disability Planning | Ohio STABLE | Mental Health Disability
in Ohio, Kentucky, Indiana and Illinois.
Special Needs Trusts | Guardianship and Alternatives | Disability Planning | Ohio STABLE | Mental Health Disability
We focus on serving those who have family members who are developmentally disabled, have an individual mental illness or have become disabled, focusing our energy and passion on each case to achieve the best results for our clients. Planning ahead for the care of dependents struggling with disabilities involves much time, research and patience.
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Special Needs Trusts
Drake Law Practice can assist you in reviewing the Special Needs Trusts options that are available and finding the option that is most appropriate for you and your loved one. By planning ahead and leaving funds in a wholly discretionary trust, instead of leaving them directly to the individual who is under a disability, you can avoid affecting eligibility for benefits. The dependent doesn’t have any control over the trust funds—they are under the control of the trustee the parents chose.
Guardianship and Alternatives There are many documents that exist, such as Health Care Powers of Attorney and Financial Powers of Attorney that may limit the need for guardianship. A family member can become the Representative Payee with the Social Security Administration, avoiding the need for a guardianship. At Drake Law Practice, to ensure that all involved have the most opportunities available, we review all possible alternatives to guardianship before we go down that route. When there is a physical and/or mental disability, a court may appoint guardians in order for one person or entity to make decisions for another person, who is unable to make life and legal decisions on their own. In those instances when an individual is unable to take care of themselves, earn a living, and/or live independently, Drake Law Practice can navigate through the court process to have a guardian appointed to make decisions for the incapacitated person. Once appointed, a guardian is required to file annual reports with the court regarding the protected person’s status. Drake Law Practice can help you with filing for the guardianship, guide you through the process as well as the subsequent administration in an efficient and cost-effective manner.
Disability Planning In order for many disabled people to obtain health insurance and other assistance, they must qualify for Medicaid and other government programs based on financial need. We help our clients to legally protect assets so as to retain or obtain eligibility for these sometimes life-giving benefits. Trusts can be established by the disabled person themselves, often as a result of receiving proceeds from a settlement or lawsuit, or to preserve their IRA, or because they inherited money directly from a family member who may not have planned ahead. In order to maintain or prevent the loss of benefits, the self-settled trust can offer protection and freedom for more choices in the future. Ohio STABLE ABLE accounts are bank accounts that allow people with special needs to save money without jeopardizing their disability benefits. ABLE accounts come from the federal ABLE (Achieving a Better Life Experience) Act, but they are established and managed on a state level. Money saved in a traditional bank account counts against the ability to qualify for disability benefits. Learn more about Ohio STABLE accounts> Medicaid and SSI (Supplemental Security Income) are often essential to quality of life for individuals with disabilities. Drake Law can assist in obtaining, recertification or appealing Medicaid decisions. Drake Law can determine what type of planning should be done, depending on the needs and assets and income and type of benefits are needed. |
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How does a Special Needs Trust Differ from a Regular Trust?
Because those with special needs often rely on financial and medical assistance from government programs — such as Supplemental Security Income (SSI) and Medicaid — you want to make sure they can continue to receive these services after you’re gone.
Special needs trusts, sometimes called supplemental needs trusts, are designed only for disabled individuals so they can receive supplemental funding while still maintaining their eligibility for needs based government programs such as SSI, Section 8 Housing and Medicaid. Assets placed in the trust are used for the benefit of the special needs beneficiary.
These trusts are also highly customizable to better reflect each person’s needs. Funds can be allocated for specific uses, such as continuing education, medical supplies and equipment, or assistants and service animals.
Special needs trusts, sometimes called supplemental needs trusts, are designed only for disabled individuals so they can receive supplemental funding while still maintaining their eligibility for needs based government programs such as SSI, Section 8 Housing and Medicaid. Assets placed in the trust are used for the benefit of the special needs beneficiary.
These trusts are also highly customizable to better reflect each person’s needs. Funds can be allocated for specific uses, such as continuing education, medical supplies and equipment, or assistants and service animals.
