Special Needs Planning Overview
Special needs planning in Missouri refers to the process of creating a comprehensive plan to provide for the current and future needs of an individual with disabilities or special needs. This type of planning is essential to ensure the individual's quality of life and financial security.
Key Aspects of Special Needs Planning in Missouri
Special Needs Trusts
A Special Needs Trust (SNT) is a legal arrangement that allows assets to be set aside for the benefit of an individual with disabilities, without disqualifying them from means-tested government benefits, such as Medicaid or Supplemental Security Income (SSI).
There are two main types of SNTs in Missouri: first-party SNTs (funded with the individual's own assets) and third-party SNTs (funded by family members or others).
ABLE Accounts
ABLE (Achieving a Better Life Experience) accounts are tax-advantaged savings accounts that allow individuals with disabilities to save and invest money without jeopardizing their eligibility for government benefits.
Missouri offers ABLE accounts, which can be used for a variety of qualified expenses, such as education, housing, transportation, and healthcare.
Guardianship and Conservatorship
If an individual with special needs is unable to make their own decisions, a guardian or conservator may be appointed by the court to make decisions on their behalf.
Guardianship and Conservatorship can help ensure the individual's needs are met and their assets are properly managed.
Transition Planning
Special needs planning in Missouri often involves transitioning the individual from childhood to adulthood, including planning for educational, vocational, and residential needs.
This can include coordinating with school districts, Social Security, Medicaid, and other service providers to ensure a smooth transition.
Estate Planning
Special needs planning in Missouri includes incorporating the individual's needs into the family's overall estate plan, such as through the use of SNTs, life insurance, and other strategies.
This helps ensure the individual's financial security and quality of life are protected even after the primary caregivers are no longer able to provide support.
Expertise in Special Needs Planning
Working with experienced special needs planning attorneys and financial advisors in Missouri can help families develop a comprehensive plan that addresses the unique needs and challenges faced by individuals with disabilities.
Schedule an appointment with Alfano Probate & Estate Planning to discuss special needs planning.