Our Practice / Special Needs & Trusts
Nowhere is the need for long term planning greater than for those individuals who are faced with challenging disabilities. For these individuals, proper planning is critical to insure that a quality lifestyle is maintained and that all financial needs are met -- especially in the event of the loss of a parent.
It is important to note that because individuals with disabilities have very special needs, long term planning must go beyond the scope of traditional estate planning. Thus, in addition to the development of wills, healthcare directives and general durable powers of attorney, special needs trusts and supplemental benefits trusts must be created to protect the individual’s assets as well as any governmental benefits they may be receiving or be entitled to receive in the future (e.g., Supplemental Security Income and/or Medicaid).
At Price & Price, LLC, we believe that understanding the needs of all parties involved in a “special needs” situation -- the individual with the disability(ies), the parents of the individual, the guardian(s) and trustee(s) -- is the only way to ensure that all objectives are met. Only then can our substantial experience in developing and implementing such long term plans be best applied.