SC Special Needs and Disability Planning Attorneys in Myrtle Beach
Disabled adults or children have special considerations when it comes to estate planning, inheritances, transfers, and settlements following a lawsuit.
Your special needs and disability lawyer at Axelrod and Associates can help you to utilize a variety of legal tools to protect your loved one’s future including:
- Special needs trusts;
- Conservatorships; and
- Powers of attorney.
When do I Need a Special Needs and Disability Attorney in SC?
There are several situations where a disabled adult or child will need our assistance. When a disabled person receives an inheritance, a settlement from a lawsuit, or any other transfer of money or property, steps need to be taken to ensure that the new assets are safeguarded and that they are used for the benefit of the disabled person.
Some clients may need to have a guardian or conservator appointed in the probate court to make personal care and financial decisions on their behalf. In other situations, powers of attorney may need to be drafted to meet the disabled persons’ or other family members’ needs.
What is a Special Needs Trust in SC?
A special needs trust is designed to benefit a disabled or incapacitated person. There is a
- Trustee – a fiduciary who administers the trust; and
- Beneficiary – the disabled person for whose benefit the trust exists.
The trust is set up after careful planning to provide for the financial needs of the disabled person over time without losing government benefits like Supplemental Security Income (SSI), Medicaid, vocational rehabilitation, and other income-based services.
The funds that are placed into the special needs trust are protected from creditors, lawsuits, and frivolous spending. The beneficiary has no discretion as to how the funds are spent – all decisions are made by the trustee on behalf of the beneficiary – and the government does not consider the trust assets when determining eligibility for government benefits.
What is Disability and Special Needs Planning in SC?
When setting up a special needs trust, we must consider all the disabled person’s future needs over their lifetime. Determining the extent of future needs for medical care, medical equipment, in-home care, legal and accounting needs, and other types of care may require the help of various experts.
Your special needs planning lawyer at Axelrod and Associates has access to a wide range of experts who can assist when needed, and we will carefully help you to determine exactly how to arrange the special needs trust or other documents to provide your loved one’s needed resources over their lifetime.
If you anticipate that your disabled loved one will receive an inheritance as part of your estate plan, a lump sum settlement, or any transfer of money or property, we will need to carefully plan to ensure that their assets are protected and preserved in a way that provides for their future needs. Call your Myrtle Beach special needs planning attorney at Axelrod and Associates today at 843-353-3449 or complete our contact form to set up an initial consultation.