Give the Gift of a More Secure Future With Special Needs Planning

The best gift you can give your child this holiday season is to plan for their future. When your child has special needs, this can be challenging. There are a lot of questions that spring up about how their needs will be met as they enter adulthood. 

Fortunately, the Elder Law Lawyers team is here to help you navigate this next stage of your child’s life and how to plan for it. From guardianships to special needs trusts, there are many ways you can continue to provide for your child as they grow up. 

What Special Needs Planning Options Are Available in Kentucky?

With over three million children under the age of 18 having a disability in the United States alone, many families are having to make plans for the future of their children with special needs. With the help of an estate planning attorney, there are many ways you can keep your child safe, healthy, and cared for into adulthood. Below, we explore these options and how they can work for your family. 

1. Adult Guardianships

Once your child turns 18, they become eligible for adult guardianship in the state of Kentucky. This legal arrangement involves a court-appointed individual, called a guardian, taking on the responsibility of caring for an adult who is determined to be legally disabled and unable to manage their personal and financial affairs. There are different types of guardians, including:

• Full guardians or conservators
• Personal guardians
• Limited guardians or conservators

Each type of guardian has its own responsibilities. These can vary in scope depending on the type of guardianship. However, they typically include:

• Providing personal care and education
• Filing yearly reports with the court
• Protecting the individual’s quality of life 
• Supplying necessities such as: 
  • Food
  • Clothing
  • Shelter
• Arranging for and authorizing health and wellness treatments, including:
  • Medical Care
  • Dental Care
  • Mental Health Care

Regardless of the type of guardianship you choose, you may appoint an individual, typically a family member or friend, to be your adult child’s guardian. However, if no suitable guardian is available, the court will appoint the Cabinet for Health and Family Services as the state guardian. To set up an adult guardianship, contact Elder Law Lawyers to arrange a consultation.

2. STABLE/ABLE Accounts

Saving money is key to planning for any child’s future. For children with special needs, STABLE accounts (State Treasury ABLE accounts), which are state-supported ABLE (Achieving a Better Life Experience) accounts, can help you save money and pay for qualified disability-related expenses, including the following: 

• Educational expenses, including: 
  • Employment training and support
• Housing costs
• Transportation
• Assistive technology
• Personal support services
• Health care expenses
• Financial management and administrative services

Regardless of what the funds are used for, a total of $100,000 tax-free can be accumulated in the account without affecting the account beneficiary’s eligibility for benefit programs like SSDI and Medicaid. If your child has a qualifying disability that began before the age of 26, up to $14,000 per year can be saved in a STABLE account. 

Contributions to a STABLE account can be made by anyone, including the account owner, family members, or friends. For more information on how to set up or contribute to a STABLE account, contact an attorney like those at Elder Law Lawyers. They can help you maximize your savings and benefits. 

3. Special Needs Trust

Special needs trusts are a way to secure your child’s financial future and prevent any potential risks to their government benefits. They also help to supplement these benefits by paying for additional needs government aid may not meet, including: 

• Accessibility equipment
• Specialty transportation
• Medical and dental care
• Education and professional training
• Home furnishings
• Recreation and entertainment
• Legal and insurance expenses

As long as they are not used for basics like food and housing, money or property kept in a special needs trust won’t affect your child’s Medicaid or SSDI eligibility. To learn how special needs trusts can support your child with special needs, contact us to arrange a meeting with one of our attorneys.

Explore Your Special Needs Planning Options in Kentucky

While you may think it’s too soon to start planning for your child’s future, that’s far from the truth. This is especially the case if they have special needs and may require more care as they become an adult. 

To get started on planning for your child’s future, contact Elder Law Lawyers today. We can help you navigate your special needs planning options in Kentucky and create a plan with your child’s needs in mind. 

Plan for Your Child’s Future in Kentucky With Elder Law Lawyers

Establishing a guardianship or special needs trust are just a couple of ways you can create a plan for your child’s future if they have a disability. The right estate planning attorney can help you navigate their care and other needs they may have as they enter adulthood. Contact Elder Law Lawyers online or call us at 859-543-0061 to start planning for your child’s future today.