If you have a special needs family member, you will want to make sure they are provided for to enhance their quality of life and financial security. Individuals with disabilities have needs that should be addressed with a well-thought-out estate plan. Let’s look at all the steps for special needs planning for adults in Wisconsin.
The Unique Needs of Adults with Disabilities
Now, it is the time to look at the needs of your family members with special needs. You need to consider their physical, emotional, and financial requirements. Along with that, think about their long-term goals and preferences. Take time to consider:
- Healthcare needs: You will want them to have access to necessary medical care, therapies, and medications.
- Daily living support: Many times, these individuals will need assistance with their daily activities, such as personal care, household chores, and transportation.
- Financial security: Along with that, you will want to have a plan for managing finances. These plans should account for their current and future needs without jeopardizing eligibility for public assistance programs.
What Financial Planning Tools Are Available?
There are legal and financial tools you can use to create a plan for adults with special needs. These can include:
Special Needs Trusts (SNTs)
These trusts are designed to manage assets for individuals with disabilities. Fortunately, these options do not affect their eligibility for public assistance programs like Medicaid and Supplemental Security Income (SSI). Along with that, SNT can be used to pay for additional care, such as quality-of-life enhancements and expenses not covered under public programs.
Wills
A will is a legal document outlining how an individual’s assets should be distributed upon death. If you have a special needs family member, you must include provisions for their care, making sure that their financial and personal needs are addressed.
Power of Attorney
You may also want to think about setting up a power of attorney. With that, you can appoint someone to make financial and medical decisions on the special needs person’s behalf.
Healthcare Power of Attorney
Along with the power of attorney designations, this document designates someone to make healthcare decisions if the individual is unable to do so.
What Government Benefits Are Available?
In many cases, government benefits can help support a person with special needs, along with private resources. In Wisconsin, these programs are commonly used in special needs planning:
- Medicaid: Under this program, low-income individuals can get health coverage. For adults with disabilities, Medicaid can cover medical care, long-term services, and support.
- Supplemental Security Income (SSI): This program offers financial assistance to low-income, disabled, or elderly individuals.
- Social Security Disability Insurance (SSDI): For those who have worked and paid into Social Security, SSDI provides benefits for individuals who are unable to work due to disability.
- Long-Term Care Services: Wisconsin’s Family Care and IRIS (Include, Respect, I Self-Direct) programs offer support for long-term care, helping individuals to receive assistance at home or in community settings.
Getting Professional Assistance for Your Plan
Special needs planning can be complicated. For that reason, you may want to seek the help of attorneys, financial planners, and care managers to give you valuable guidance during this time. They can help you meet all the legal requirements, optimize financial strategies, and ensure that all aspects of the plan are addressed for your loved one.
Additionally, remember that you need regular updates to the plan as your and your loved one’s circumstances change. This will ensure that all needs are addressed throughout life’s ups and downs.
Learn More About Special Needs Planning
Special needs planning for adults in Wisconsin requires family members to make sure that the individual’s needs are met both now and in the future. With this, families can provide a stable and supportive environment for their loved ones with disabilities, even after they have passed away. If you would like to learn more, consult with the experienced legal team at Collins Law Firm. We serve Southeastern Wisconsin and the Milwaukee region. Contact us to book your free consultation by calling (414) 207-6292.