The critical issue when it comes to a special needs individual is that we don’t want to do anything that will keep them from getting governmental benefits, usually supplemental security income and Medicaid, because these are means tested benefits. They can only have a certain amount outside assets.
When it comes to your special child, what’s critical is that you have, we call them a special needs trust set up, so that if the child’s gonna get any money, and that’s whether they get it inherited through your will, or a grandparent wants to give them money during their lifetime, or some other manner, that the money goes into a special needs trust.
They’re especially created, there are certain riles that have to be followed, but if they are, the money that’s in that trust will be able to be used for the benefit of your special needs child, without them losing their governmental benefits or the ability for them to get governmental benefits.
Additionally, in the last few years, congress has created what’s called an able account, which is another planning technique that you can use for your special needs child, in order to allow them to have more money for their needs, without them losing governmental benefits.