One of the most common misconceptions about elder law is that I only serve people of a certain age. This isn’t true at all. I have clients of all ages, from young children with special needs to middle-aged individuals with disabilities, and those dealing with age-related illnesses at 100.
The one thing all my clients share is the need for my services. Families with young children with special needs must establish an estate plan to protect assets and ensure the child qualifies for public benefits like Medicaid. A special needs trust creates a non-countable fund to pay for non-covered needs such as housing, therapies, companion care, and assistive technology, to name a few.
Those receiving social security disability may also need public benefits to cover medical costs beyond what Medicare provides. Disability payments often fall short of living expenses, so families with adult disabled children establish estate plans with special needs trusts to protect inheritances. This allows access to public benefits like housing or food assistance while the trust helps with additional costs, improving their standard of living. Having a plan in place offers greater security, eases financial stress, and ensures a brighter future for these families.
Caring for someone with Alzheimer’s or Parkinson’s can create a significant financial burden. My clients’ top concern is how to pay for care when costs exceed their means, leaving them worried about their home, savings, and legacy. With proper preplanning, we protect the well spouse from financial ruin, preserve assets, and qualify the ill spouse for Medicaid. In many cases, we shift income from the ill spouse to the well spouse to maintain their standard of living.
Addressing these challenges requires guidance, but the reward is knowing your loved ones are protected. Planning today for the uncertainties of tomorrow provides peace of mind and ensures a stable future. Learn more at tkbowmanpa.com.