Special Needs Planning Lawyers in Waco Creating a Stable Future for Loved Ones
The talented Rainey & Rainey legal team has over forty years of experience dealing with estate planning, elder law, and creating special needs plans that work for individuals and their loved ones.
A proper plan for a child or other family member with a disability or special needs is vital to secure them a happy, healthy, and safe future. As a part of our legal practice here at Rainey & Rainey, using our knowledge, experience, and compassion to help our special needs clients and their families is a core part of our approach to their legal needs.
Plan out the care for your special needs loved one today by contacting the firm of Rainey & Rainey, Attorneys at Law, LP, at (254) 457-5083 and schedule your initial consultation.
What Are the Key Elements of a Special Needs Plan?
While seeking legal counsel and other resources, you can ensure a better future for yourself, your disabled loved one, or your family member with special needs by following these critical elements in your special needs planning:
- Work with your support group to develop an estate plan that addresses any family member’s special needs and ensures they continue after primary caregivers are gone.
- Establish a special needs or supplemental needs trust to avoid losing Social Security Income or Medicaid eligibility for yourself or your loved one with special needs.
- Ensure that any special needs for yourself or a loved one are addressed in the primary caregiver’s will, stipulating who will take over any responsibilities that may be needed when those individuals pass.
- Pursue all available state and federal benefits that may ease the costs of specialized care.
Each of these steps is a part of Rainey & Rainey, Attorneys at Law, LP’s special needs plan that we provide to our clients who require special needs, and we can give them to you and your loved ones.
What is a Special Needs Trust or a Supplemental Needs Trust?
A special needs trust, also known as a supplemental needs trust, is part of a properly established legal plan for an individual with special needs. A special needs trust can serve a variety of purposes:
- To leave money behind for the surviving guardian of someone with special needs.
- To ensure a person with special needs does not lose means-based eligibility for programs such as Medicaid or Social Security by receiving inheritance money directly.
- To not leave money directly to a special needs person who cannot manage that money for themselves due to specific disabilities.
When planning how to ensure the continued support and safety of yourself or your special needs loved one, sit down with an experienced special needs attorney at Rainey & Rainey, Attorneys at Law, LP right away so that you can ensure their future needs and care are properly secured.
What Are the Different Types of Special Needs Trusts?
Third-Party Special Needs Trusts:
- These types of special needs trusts are created when the assets of a parent or guardian are included in an estate plan for the express purposes of making a trust and are disseminated by a Will or Living Trust.
Self-Settled Special Needs Trusts:
- These types of special needs trusts are often created using a special needs person’s assets for funding. The state requires a ‘payback’ if assets remain in the trust upon the person’s death, but only to the extent of their public assistance benefits.
I’m Looking to Set Up a Special Needs Trust for Myself or a Loved One; Where Can I Turn?
At Rainey & Rainey, Attorneys at Law, LP, we pride ourselves on ensuring our clients’ future by identifying and planning for their specific legal needs. With forty years of estate planning and elder law under our belt, we are more than qualified to assist in your family’s unique special needs or disability situation. Elisa Rainey is Board-Certified in Elder Law, providing clients with estate administration assistance, Medicaid qualification, and estate planning. Call us today at (254) 457-5083 to schedule an initial consultation and get the peace of mind that proper preparation can bring you.