• Charlotte: +704.369.9977
  • Fort Mill: +803.594.4453
Consultation Request
Share

NC and SC Estate Planning and Elder Law Firm

Monday, March 29, 2021

What Does Special Needs Mean?

You may have heard the term “special needs” in a variety of contexts. You may have even heard of special needs in the estate planning context. This is because there are several critical aspects of estate planning that should be addressed when planning for a person or a loved one with special needs. There are specific legal tools that can be utilized to help ensure an individual with special needs received the necessary and continued care upon which he or she relies. What however, does “special needs” actually mean? We will talk about that more here.

What Does Special Needs Mean?

Special needs generally refers to a person that has either a mental, emotional or physical disability. As a result of his or her disability, the individual may need extra assistance with things such as movement, communication, taking care of himself or herself, and making decisions. Essentially, special needs means it has been determined that a person requires special attention and needs special assistance that others do not.

Special needs may arise due to a variety of illnesses, both chronic and terminal, as well as physical impairments and cognitive or psychiatric issues. The designation of special needs can become relevant in a number of circumstances. For instance, the government may use special needs status to qualify an individual for benefits and certain forms of government assistance. Additionally, those guardians of individuals with special needs can often access tax credits or deductions to help offset the additional costs they face in providing the necessary care to the individual with special needs.

Those individuals with special needs may require assistance and additional medical attention in order to maintain a certain quality of life. The costs associated with such care, however, can be extensive. Regular medical care, monitoring, treatment, and support equipment can add up. Fortunately, government benefits may be available to those with special needs. These, however, often only cover the minimum and allow little room to fund things that will improve quality of life above a sort of baseline.

Loved ones often want to provide funds to help improve the quality of life for an individual with special needs, but they face the potential problem of jeopardizing need-based government benefits the individual may be receiving. That is why special needs trusts were developed. A special needs trust allows a person to provide financial support for a person with special needs without risking the loss of government benefits upon which the special needs individual may depend. This is because funds held in a properly structured and administered special needs trust are not taken into account when need-based government benefits are calculated.

Estate Planning Attorney

Do you have a loved one with special needs? If so, Monk Law is committed to providing you with sound legal support to help you provide for him or her without risking the loss of critical government benefits. Contact Monk Law Firm today.


Archived Posts

2021
2020
December
November
October
September
August
July
June
May
April
March
February
January
2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013


Monk Law Firm, PLLC assists clients throughout Charlotte, Rock Hill, Fort Mill and the surrounding areas.



© 2021 Monk Law Firm, PLLC | Disclaimer
1701 First Baxter Crossing, Suite 101, Fort Mill, SC 29708
| Phone: 803-594-4453
6000 Fairview Road, Suite 1200, Charlotte, NC 28210
| Phone: 704-369-9977

Estate Planning | Elder Law / Medicaid Planning | Guardianships | Probate / Estate Administration | Special Needs Planning | Veterans Benefits | Business Law | Business Succession Planning | Florida Veteran's Aid and Attendance | Covid-19 Update

Law Firm Website Design by
Zola Creative