Wills and trusts are vehicles to distribute assets to beneficiaries after your death, and each has different benefits and characteristics. If you do not make your own estate plan, the state of Washington will do it for you and your property will pass to your heirs under Washington’s intestacy rules. We offer specialized estate planning for those with family members experiencing disability and planning to preserve benefits to help provide for those family members. We understand that planning for your loved ones’ lives after your death is a sensitive and delicate subject and we bring our personal and professional experiences to the table to work through these issues with you to make a customized plan for your family to protect your family’s financial security.
Special Needs Trusts and ABLE Accounts
A financial plan including special needs trusts and an ABLE account can be an important component of any estate plan to protect government benefits for a loved one with a disability. One of the biggest concerns for parents of a special needs child is how to provide for their child and preserve benefits after both parents have died. Government benefits such as SSI and Medicaid are often not adequate to meet all of the needs of the individual with disabilities, especially when the parents or caregivers are no longer able to provide primary caregiving, and supplemental funds are needed.Special needs trusts and ABLE accounts are just a part of how we help our clients craft a long-term plan for a family member with a disability. We can help you choose between different types of special needs trusts (including first-party, third-party, and pooled trusts) and ABLE accounts to help make the best choice for your family. We are able to review all benefits that the individual is receiving, see if there are other potential benefits that the individual may qualify for, and assist in the application process for those benefits. Together, our firm works with you to create a long-term financial plan for your loved one with a disability that is uniquely crafted for your family.