Loune-Djenia Askew, Esq.
Feb 2, 2024
After a loved one is diagnosed with autism, you may have a lot of things to consider. Especially, who will take care of them after you have passed away? One important way to have the peace of mind for your special needs loved one is by having an estate plan in place. Without the proper estate plan, your loved one may not have the legal, financial, or medical foundation they will need in the future.
After a loved one is diagnosed with autism, you may have a lot of things to consider. Especially, who will take care of them after you have passed away? One important way to have the peace of mind for your special needs loved one is by having an estate plan in place. Without the proper estate plan, your loved one may not have the legal, financial, or medical foundation they will need in the future.
You may not always have authority to make decisions
Although you may have the authority to make decisions for your autistic loved one now, once they turn the legal age of 18, you may lose any authority you have to make decisions for them.
Special needs trust are very beneficial
There are many different types of special needs trust that can protect your loved one. You can place assets in these trusts so they will pass to your loved one once you have passed away. A special needs trust does not need to pass through probate and it will not affect any Medicaid or Supplemental Security Income (SSI) benefits your loved ones are receiving. Here are two types of Special Needs Trust (“SNT”) to consider.
Third-party special needs trust: This is generally the trust most people think of when they think about special needs trusts.The third-party special needs trust is an SNT that is set up by a third party for the benefit of the beneficiary. Quite often, this third party is a parent or grandparent of the beneficiary. They create the trust for the benefit of a disabled child or grandchild.
Self-settled Special Needs Trust: The second main type of special needs trust is a self-settled special needs trust. As the name implies, this trust is made by a disabled individual and funded with his/her own funds, for his/her benefit.These types of trusts are often made by those receiving Medicaid. In other words, in this type of trust, the recipient of government benefits is the trustmaker and the beneficiary of the SNT.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.