Take Care of Yourself and Loved Ones, No Matter What
When circumstances alter the course of your intended future, it’s a challenging time. We can never anticipate the impact of a permanent disability or a loved one needing long-term assistance. But with the right estate plan in place, you’ll have peace of mind knowing all contingencies are covered.
Whether you have a dependent with special needs, a spouse who requires dedicated cognitive care, or you suddenly experience a disability that compromises your independence, special needs planning ensures that the proper resources are always available to you and your family.
Our skilled estate planning attorneys often see people who fail to plan appropriately for those with special needs and inadvertently jeopardize a loved one’s benefits. The proper plan, drafted by an estate planning attorney familiar with special needs issues, can provide for your loved ones while preserving his or her right to needed government benefits.
Designing a Kentucky Special Needs Plan
Special needs planning requires knowledge not only of estate planning principles but also knowledge of the various government programs available to disabled or incapacitated persons. While you may already be familiar with many documents of an estate plan, for special needs individuals, our estate planning attorneys also advise you to consider:
-
Dedicated custodians for ongoing care. Who will care for your special needs loved one after you pass? How will they have the legal authority to provide care? There are many options and our estate planning attorneys can help you understand and evaluate the right one for your family.
-
A special needs trust to hold and direct the inheritance you wish to provide to your loved one. A special needs trust that is properly drafted and administered allows your loved one to receive an inheritance without jeopardizing receipt of government benefits that so many special needs individuals rely on.
-
ABLE Accounts. An ABLE account allows certain special needs individuals to maintain money in a bank account without the money counting toward government benefit resource limits. An ABLE account may allow your special needs loved one to accumulate resources and enjoy a measure of independence.
Each special needs situation is different. Our team will listen to your family’s needs and develop an estate plan that is uniquely shaped to accomplish your goals.
As Life Evolves, So Should Your Kentucky Estate Planning
A thoughtful estate plan provides a secure roadmap to the future. However, to guarantee that yours stays current—especially when designating special needs instruction—review your plan every three to five years, particularly when life or family changes occur. As your estate grows, so should your plan.
Also, take time to evaluate the status of your executor, how your essential documents are housed, and if all parties who need to know their whereabouts have access. In the event of an emergency, you want to leave nothing to chance so your directives can be acted upon immediately.
The trusted advisors at Skeeters, Bennett, Wilson & Humphrey developed a free book, Crafting Your Legacy: An Essential Estate Planning Guide. We encourage you to review it with your family and prepare for a future of security. Then, make an appointment with our office to have a more detailed conversation about your specific needs.
Download Your Free Estate Planning Guide Now
When your family cares for those with special needs, it can be hard to simply get through each day. Planing for the future is easy to put on the back burner. We understand and will work diligently to help you craft a plan while making the process easy to understand and as simple as possible to administer.
Please contact us to learn more about our approach to estate planning, elder law, special needs directives, and more. Simply call (270) 351-4404 to schedule a consultation today.