“Most people see what is, and never see what can be.” - Albert Einstein
Special Needs Planning
Securing Futures, Empowering Lives
Geiger Law helps you create a tailored special needs plan, maximizing available assets, benefits and resources for your loved ones. We provide personalized solutions, considering aspects such as current and anticipated needs, government benefits, asset protection, and quality of life.
Special needs planning is part of comprehensive estate planning. The entire estate plan should operate together for the benefit of the special needs client.
Key components of a special needs plan may include:
- 1st Party Special Needs Trusts: Sometimes called d(4)(A) trusts, Special Needs Trusts are established with assets and funds of the disabled person designed to maximize use of those assets without jeopardizing government assistance.
- 3rd Party Supplemental Needs Trusts: Established with assets from third parties and not the disabled person, Supplemental Needs Trusts provide for the disabled person during their life; supplement, but do not replace, government benefits; and will not be subject to medical or governmental liens after the disabled person no longer has need of the trust.
- Pooled Trusts: It may make sense in certain circumstances to place assets for a disabled person in a pooled trust. Pooled trusts are managed by non-profits where resources are all members are combined for administrative cost-efficiencies and investment optimization. Disabled persons hold their own trust sub-account and share proportionally in trust earnings.
- ABLE Accounts: Achieving A Better Life Experience (ABLE) financial accounts provide a degree of autonomy for qualified disabled persons. Funds in an ABLE account are dedicated for the benefit of the disabled person. These funds grow tax deferred and if used for qualified expenses, will not be considered income of the disabled person. ABLE accounts are oft-times critical components of special needs planning.
- Guardians and Conservators: Establish trusted individuals to make essential decisions.
- Powers of Attorney: Appoint a responsible party to manage financial, legal and health care decisions.
- Living Wills: Express end of life decisions and provide instructions for care givers.
- Letters of Intent: Provide critical guidance to future care givers in addressing almost any issue for the disabled person such as daily routines, preferences, medical matters, religious issues, and visitations with relatives or others.
Let Geiger Law compassionately guide you through the complexities of special needs planning to secure the future of your loved ones.