Disability and special needs planning made easy

This video provides an overview of disability and special needs planning, covering legal strategies, government benefit programs, and lifestyle transition planning. Legal Planning To ensure an individual with a disability is cared for properly, the speaker recommends the following: Last Will and Testament: This document establishes who will serve as guardian for dependents. It is a public document and cannot be used to leave assets directly to a loved one with a disability, as that could jeopardize their government benefits. Revocable Family Trust (Living Trust): Used in addition to a will, this allows assets to avoid the public, costly, and time-consuming probate process. Special Needs Trust (SNT): If properly drafted, an SNT allows for assets to be used for the benefit of a loved one without disqualifying them from government benefits. Third-Party Irrevocable Trust: Often the most preferable option, this is a separate document that does not include Medicaid payback provisions or restrictive government oversight. First-Party Trust: Generally used for injury settlements, this trust does include Medicaid payback provisions. Pooled Trust: Managed by a nonprofit, this is often viewed as a "last resort" if no individual can be identified to manage the finances. Guardianship vs. Power of Attorney: Guardianship may be necessary at age 18 to make medical and financial decisions for an adult child. An alternative is a medical and financial power of attorney, which requires the individual to have the capacity to sign the document.