Navigating the complexities of Multiple Sclerosis (MS) requires not only emotional support and understanding but also meticulous planning and foresight, especially when it comes to securing the financial future of a loved one affected by this condition. Special needs planning can be an essential step for families looking to provide for the long-term care and financial security of a family member with MS.
We know that you may have questions and we want to answer them now, during National Multiple Sclerosis Awareness Week, and any time throughout the year. In our blog we want to explore key considerations, including the creation of a special needs trust, the potential for charitable giving, and the importance of a comprehensive estate plan, all while working closely with an experienced Florida estate planning attorney.
One of the most critical components of special needs planning for a loved one with MS could be establishing a special needs trust. There are different levels of this disease and you will want to discuss with your loved one who could be inheriting from you, what makes the most sense to them at this time. Through legal planning you could allow individuals with disabilities to receive income without risking their eligibility for vital government benefits such as Medicaid and Supplemental Security Income (SSI). Without a special needs trust, any inheritance could directly impact their ability to qualify for these benefits.
A special needs trust can provide for the supplementary needs of your loved one, covering expenses like:
- Personal care attendants,
- Out-of-pocket medical costs,
- Transportation,
- Trips,
- and other life-enhancing expenditures not covered by government programs.
Your trust could be a way to ensure they have the resources they need to live a comfortable life without compromising their eligibility for essential benefits.
We know that many families affected by MS are passionate about supporting research and programs dedicated to finding a cure or enhancing the quality of life for those with the disease. You will want to discuss with your experienced Florida estate planning attorney the best way to include a charitable giving component in your estate plan. This can be a meaningful way to contribute to these efforts. You might consider designating a portion of your estate to go to a reputable MS charity or research organization. This not only honors the journey of your loved one but also helps advance the fight against MS.
While focusing on the needs of a loved one with MS, it is also crucial to ensure that your Florida estate plan is in order. Your estate plan should reflect your wishes for your legacy, including any provisions for your loved one with MS, and outline your desires for your own end-of-life care. An effective estate plan provides peace of mind that your affairs are in order and your loved one’s future is secure.
There is no question that the intricacies of estate planning and special needs trusts necessitate professional guidance. An attorney who specializes in estate planning and understands the specific long-term care challenges faced by families dealing with MS can offer invaluable advice. They can help you navigate the legal requirements, ensure that your estate plan and special needs trust are correctly structured, and advise you on the best strategies to protect your loved one’s financial future while maximizing their quality of life.
We know this article may raise more questions than it answers. At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.