Looking Out for Your Life Partner, Even After You’ve Departed

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Your spouse, your life partner, is not just someone you married; they are the bedrock on which you’ve built many memories, stood firm during the storms, and celebrated every joy. They’ve been by your side, lending an ear, offering advice, and sharing every moment.

In the unfortunate circumstance that your spouse is battling a health condition, such as Alzheimer’s disease, you would undoubtedly want to ensure they’re well-cared for, even if you’re no longer around. Caring for a partner with a long-term ailment is a noble task, but it’s not without its challenges. There’s research indicating that caregivers often face health issues or even premature death due to the strain of their roles.

Consider this: If you pass away before your spouse, all your assets will automatically transfer to them. Without your presence and support, they might need to use these assets to afford nursing care or medical treatments. Over time, this can deplete the life’s worth of assets you both accumulated, leaving your spouse reliant on financial assistance and potentially sacrificing little pleasures like gifting their grandchildren.

life partner

But, there’s an alternative: A “Testamentary Special Needs Trust.” This unique trust ensures that the assets are utilized only for expenses not covered by governmental aid. This can range from specialized medical treatments, additional therapies, or even day-to-day luxuries that make life brighter, like an art class or a private hospital room.

The beauty of the Special Needs Trust is that it’s apt for anyone who requires considerable care. For it to be valid for your spouse, it must be activated after your demise and must adhere to specific criteria to ensure the assets aren’t considered “accessible resources” when applying for governmental aid.

You’ve always been there for your spouse, and with some foresight, you can continue to be their safeguard even in your absence. Planning for the unforeseen is crucial, and seeking the expertise of a dedicated estate planning and elder law attorney will help tailor a plan that aligns with your concerns and ensures your spouse’s well-being. Contact us today at 817.899.3286.

From the desk of Attorney Brandon McGee, McGee Law Firm

Brandon McGee
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