Do you have a plan in place for the future care of a loved one with special needs? It is vital to have a plan established, like a special needs trust or guardianship, to make sure that your loved one is taken care of if you are no longer able to do so in Missouri.
Missouri Special Needs Planning
You may not have realized that Missouri special needs planning is something you need to consider for your family. However, you are not alone in your desire to bulletproof your children’s inheritance, used to care for them after you’re gone, from creditors and predators. And a catastrophic illness can wipe out a child’s inheritance overnight. If your child has or should develop needs in the future (such as mental or physical disabilities), you MUST plan. Your plan must not only address the transfer of assets to your special needs family member upon your death but also establish guardianship for their care and support throughout their lifetime.
Establishing a Supplemental Needs Trust in Missouri
It would help if you created a Supplemental Needs Trust, sometimes called a Special Needs Trust, as an asset-protection strategy in Joplin, Springfield, or surrounding Missouri areas. Establishing a plan with a special needs planning attorney can ensure that government-benefit eligibility, including Supplemental Security Income (SSI), Social Security, and Medicaid, are preserved while at the same time allowing your child’s inheritance to be used to improve their quality of life and meet other supplemental needs. The Law Office of Christopher W. Dumm in Joplin and Springfield, MO, can assist you in implementing a plan now or adding to your current estate planning documents as a precautionary measure.
Appointing Guardianship for Special Needs in Joplin, Springfield, and Surrounding Areas
In the state of Missouri, a guardian can be anyone over the age of 18, regardless of any limitations or disabilities. This appointed person has the legal right to make decisions on behalf of your special needs loved one. A special needs trust can determine a guardianship to control the trust and assist your special needs family member in Missouri. The guardian can oversee managing the assets of the individual, assist with medical treatment decisions, or assist with asset and medical decisions.
The Law Firm of Christopher W. Dumm is here to help you and your loved ones understand Estate Planning, Elder Law, Asset Protection, Probate, Medicaid Planning, Tax Planning, and Business Planning. We welcome you to contact our Joplin and Springfield, Missouri offices to learn more about how we can help meet your special needs planning goals.