Mom reading to daughter

We’ll help protect your most vulnerable loved ones.

Midland Wealth Management specializes in protecting the estates of minors and disabled adults. In fact, it’s one of our core strengths, and we advocate for each and every client with expertise and compassion.

 

Guardianships & conservatorships

Midland Wealth Management Group administers court-ordered guardianships/conservatorships for minors or disabled adults to preserve and protect a ward's assets.

 

Examples:

  • Minors or disabled adults receiving proceeds from a personal injury or wrongful death lawsuit
  • Minors receiving an inheritance as a result of their parents’ untimely death
  • Adults judged as unable to handle their financial affairs

 

As guardian/conservator of the estate, Midland prudently manages your loved one’s affairs through the following services:

  • Establish a monthly budget
  • Pay all bills and ongoing expenses
  • Determine overall cash flow needs and living expenses
  • Coordinate medical insurance payments
  • Pay ongoing medical expenses
  • Prepare annual court accountings
  • Prepare state and federal income tax returens
  • Invest and manage all assets, including real estate
  • Investigate and pursue all available public benefits (e.g., Social Security, Medicaid)
  • Assist in establishing special needs or OBRA trusts to protect current or future eligibility for SSI and Medicaid benefits

 

Special needs trusts.

Sometimes, a disabled individual needs to protect their current or future public benefits. In fact, assets over a certain limit can actually disqualify their benefits.  The solution? Establishing a “special needs” or “supplemental needs” trust. It provides a safe harbor for the disabled individual’s assets. That way, assets aren’t counted when determining eligibility for public benefit programs.

Because assets in the trust can be used to pay for needs that government programs don’t cover, a special needs trust can improve your loved one’s quality of life. The trust can make funds available for special therapies, procedures and equipment, as well as for education, training and other items to make your loved one’s life more comfortable.

 

Types of special needs trusts:

  • First-party
    Sometimes referred to as “self-settled” special needs trusts, these may be established with a disabled individual’s own assets (typically proceeds from a lawsuit).
  • Third-party
    These are created and funded with the assets of a person other than the disabled individual.

As an administrator of both first-party and third-party special needs trusts, we provide:

  • Protection, security and comfort through careful review of your loved one’s needs in relation to government benefits
  • Availability when and where you need us, guiding you through important considerations
  • One-on-one service from an assigned, dedicated trust administrator
  • Access to key services and reduced costs, so their money works harder and goes further
  • Coordination with your loved one’s caregiver, making sure they get what they need—when they need it

 

Trust and Estate Planning services offered through Midland States Bank and Midland Trust Company