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Special Needs Trust

//Special Needs Trust

Many of us have family members with disabilities and/or long-term diseases that bring about hard situations requiring difficult decisions. If your family includes someone with special needs, you may benefit from having a plan for this family member. Many don’t know that Special Needs Planning is indeed a form of financial planning, and we often help our clients navigate this difficult situation.

Special needs planning is the process of providing for the personal and financial security and well-being of an individual with a disability. Depending on the circumstances, planning for special needs can be done by the individual with the disability on their own, the family members on their own, or both parties working together. The individual can be a minor or adult child, sibling, spouse, parent, or a distant relative or friend.

Special Needs Planning can achieve several goals. It helps to balance present and future needs for all parties, it implements personal/financial/legal plans, it communicates plans and allows for changes to happen, and it assures all family members that the loved one’s needs have been addressed.

In addition to the abstract and emotional security this type of planning provides, there are many legal implications when one begins Special Needs Planning. From Health-care directives like a living will and power of attorneys, to property management tools like joint ownership and living trusts, having a plan for your loved one will help to set in place legal securities for everyone’s well-being.

Many times, families find that establishing a Special Needs Trust is appropriate. Sometimes called a supplemental needs trust, SNTs can hold virtually any kind of property like cash, securities, and property. There are different types of Special Needs Trusts, depending on what the specific needs are.

In these circumstances, there are a vast amount of choices and decisions to be made, and we often work with clients who have found themselves overwhelmed by doing it on their own. It’s for this reason that we have added a free seminar next month to share more about this helpful tool on Wednesday, November 3rd at 6:30pm. From legal considerations to expense planning, this free event is offered as part of Marathon’s ongoing commitment to educate the Central New York area on difficult financial and legal situations. The event will be held at the Dewitt Community Room, 146 Sanders Creek Parkway, East Syracuse.