Special Needs Planning with Bob Cornelius
Birmingham attorney, Bob Cornelius, PC, discusses with Jon Roberts the special attention that is needed in dealing with special needs planning. Bob’s law practice specializes in elder care and special needs and he shared with us his insights from his extensive years of experience.
How to start planning for a special needs child
Special needs planning is really estate planning with specific changes to make sure the child is not going to lose government benefits going forward. Questions to begin with are:
- Does the child need a guardianship?
- Does the child need a conservatorship?
- What type of assets is the child going to have?
The difference between guardianship and a conservatorship
Both are appointed by the probate court in the county in which you reside. A guardianship is where the court tells a person they have complete control over the ward. A conservatorship is where the court tells a person they have control over the ward’s finances. This is not unique to the state of Alabama. These persons can be a family member, one person, another attorney or a counter conservator. All states are different.
Most common mistakes in special needs planning
The most common mistake is simply not planning. Many people think that it is not going to happen to them. There are certain things that need to be done in special needs planning that, if ignored, that child will be put in danger of losing their government benefits. This especially applies to Medicaid. When a special needs child is over the age 19, the state has to place them on Medicaid. If their parents have not planned accordingly, the child will lose government benefit programs. So planning ahead is essential in planning for a special needs child.
The lawyers at Robert D. Cornelius, PC advise and represent clients in Birmingham and throughout Alabama in all manner of elder law and special needs issues. Their years of experience allow them to offer knowledgeable advice to clients regarding their estate plans, how to pay for a nursing home and long-term care and ways to ensure that their loved ones are provided for in the future.
Please contact us for more information.
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Bob Cornelius is not affiliated with LPL Financial or Fi Plan Partners. Fi Plan Partners and LPL Financial do not provide legal advice or services.
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Fi Plan Partners is an independent investment firm in Birmingham, AL, serving clients across the nation through financial planning, wealth management and business consulting. Fi Plan Partners creates strategies in the best interest of their clients using both fee based investing and transactional investing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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