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Special needs children (of any age) are those that need extra care due to a physical or mental condition, such as a developmental disability, autism, cerebral palsy, mental retardation, or any of the dozens of other significant issues that can affect their legal capacity and autonomy.
Many parents in South Australia have children with special needs and know all too well about the extra care they require, the government benefits they rely on, and the financial challenges they face.
Many families with special needs children need to rely on Medicare, NDIS, Centrelink and other forms of Social Security to help with the high cost of health care, accommodation and education.
This financial support can continue throughout the child’s life. It doesn’t magically stop when they reach 18 years of age.
Parents and grandparents of special needs children and adults may want to provide for their disabled loved ones but they do not want to jeopardise the individual’s eligibility for public benefits. A Special Disability Trust may be the answer.
A Special Disability Trust enables an eligible person with a serious physical or mental disability to have assets held in a trust and those assets will not be considered countable assets for purposes of qualifying for certain government benefits.
Supplemental needs that can be paid for by the trust may be such items as accommodation, medical treatment, care and treatment, special medical equipment, dental needs, eyeglasses, recreation, entertainment, transportation, computer equipment, or special dietary needs.
Parents or other family members of disabled individuals who want to provide for a disabled beneficiary can establish a Special Disability Trust as part of their own estate plan and the trust can be either a standalone trust (ie setup immediately) or it can be established in their Will to become activated upon their death.
We have many more articles on Special Disability Trusts on our website.
Summary:
A Special Disability Trust is an important estate planning option for family members of individuals with disabilities. In many cases people with special needs are receiving government benefits and assistance. If they then receive money from another source such as from an inheritance, those government benefits may be in jeopardy. A Special Disability Trust can protect the beneficiary’s continued access to need-based government benefits.
So … if you or someone you know has a family member with special needs, and want to ensure that the Government doesn’t reduce or remove their social security assistance when they gain an inheritance, maybe it’s time to put your affairs in order, and create a modern integrated estate plan before it’s too late?
Be cautious, and take advice before you decide.
When it comes to Wills, asset protection & estate planning in Australia, you can trust the oldest law firm in South Australia, Genders & Partners to guide you through the tough decisions you must make for your family’s future care and welfare.
If you have any questions, or would like further information, please email us. Would you like a quick phone call to discuss? Feel free email us or use this link and book a timeslot for a free 15-minute phone consultation on my schedule: https://calendly.com/genders
We can help you to protect yourself and your family. We look forward to being of service.
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All these and many more trusts, estate planning and asset protection options are available for discussion with the oldest law firm in South Australia.
Genders and Partners will also work with your Financial Advisor and/or Accountant to structure your estate planning as appropriate to your circumstances, including advice as to the use of testamentary trusts.
Disclaimer
The information contained in this document is intended as general information only and has been prepared without taking into account the needs, objectives or financial information of any particular person.
Prior to making any decision, you should assess whether the information is appropriate to your particular needs, objectives and financial circumstances.
While Genders and Partners has taken reasonable care in the preparation of this information, subsequent changes in circumstances (including legislative change) may occur at any time and may impact on the accuracy of this information.
