What Is A Special Needs Trust?
A special needs trust is a trust which can be set up to provide for the extra and supplemental needs of a disabled child or adult. Basic needs are often covered under public assistance programs which a beneficiary may be eligible to receive, such as Medicaid or Supplemental Security Income (SSI). Since disabled or special needs children and adults may require additional assistance, a special needs trust can be established as laid out under federal law.
Federal law dictates that a special needs trust must comply with Medicaid and SSI rules, in order to preserve the disabled child’s or adult’s eligibility for such programs. In such cases, it is recommended that you contact a special needs trusts attorney at WealthPLAN, PC, so we can review your situation and advise you of your legal options. With over 30 years experience in estate planning, advanced estate planning, tax, trust administration and litigation, our firm is who you want preparing your special needs trusts.
Our team at WealthPLAN, PC, understands how important it is to ensure all of your loved ones are going to be well cared for both now and in the future. We also understand how this holds especially true for children or adults who have some form of disability or special needs. Preparing a special needs trust can help ensure the proper care, asset protection and distribution of assets until such time as the child (or adult) is able to competently manage their own assets. A properly prepared and executed special needs trust can help put your mind at ease.
WealthPLAN, PC Can Help You With A Special Needs Trust
Having children with special needs can be difficult. Even more difficult and worrisome can be not knowing who or how your child will be cared for after you are gone. Sometimes a sibling or another relative will be able to step into that role and care for the special needs individual, however, that is not always the case.
Thankfully, a special needs trust is designed to care take of that. A special needs trust allows a special needs individual to receive their inheritance through a trustee, who also ensures your wishes are carried out as to their care and proper upbringing, while at the same time, still allowing them to qualify for basic public assistance programs.
If you have questions about special needs trusts or wish to prepare a special needs trust, contact a special needs trusts lawyer at the firm today.