Get help finding the Right Wills and Estate Planning Lawyer for your case
A special needs trust is a trust that can hold cash, personal property, or real property for disabled or mentally ill beneficiaries. A special needs trust can also hold proceeds from a life insurance policy, a will, or a civil litigation suit. These are held for the benefit of a beneficiary that has a disability. The special needs trust can provide the needs of a disabled person in addition to the benefits received from governmental assistance such as SSI and Medicaid.
A special needs trust is specifically created for people with disabilities or mental illnesses. Like any other trust, it may hold money, property, or other assets that are intended to be passed down to a beneficiary. It may also hold proceeds or rewards from a life insurance policy, lawsuit or will. A special needs trust can provide the care needed for a beneficiary that has a disability in addition to any benefits they receive from government assistance.
Parents or family members with a disabled child should consider setting up a special needs trust to provide him or her with long term care and financial security. Without a special needs trust, any money or assets passed down to the beneficiary through a will or other means may be used to calculate their income when applying for public benefits. This may place them over the income eligibility requirements and they may lose their benefits. A special needs trust can prevent this from happening and it will ensure your disabled family member remains financially secure.
If you or your child has serious disabling injuries, it is important to prepare a special needs trust. If a special needs trust is not created for a disabled person who receives public benefits, the assets they receive will be counted when computing their income. The extra income provided by the special needs trust can place them over the income eligibility requirements and they can potentially lose their public benefits.
If you have a child or family member with a severe disability or mental illness, a wills and estate planning lawyer can discuss the option of a special needs trust with you. An experienced estate lawyer will answer any questions you may have and will provide you with all information regarding these specialized trusts. Should you decide to create a special needs trust, an attorney can help you prepare it correctly and will then ensure that it is executed according to your wishes.
An estate planning lawyer can discuss special needs trusts and give you more information. An estate planning lawyer understand how special needs trusts can provide long-term financial security and will help make sure the assets get disbursed justly.
If you or a loved one needs a special needs trust, contact Attorney Search Network today. We can help you find an estate planning lawyer in your area.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out out online form for your Wills and Estate Planning lawyer referral.