Special Needs Trust Lawyer
A special needs trust is a type of estate planning document that provides financial support to individuals who are physically or mentally disabled. The trust can allow a person to still receive Medicaid and Supplemental Security (SSI) Income while still having money to pay for additional things. If someone in your family has special needs, you may want to think about setting up one of these trusts for him or her.
Here are different people who may benefit from a special needs trust.
A Person with Permanent Special Needs
Some people will have special needs for the rest of their lives and may benefit from having a special needs trust. Those with conditions like Down syndrome, chronic mental illness, paralysis or developmental disabilities may require government benefits, like Medicaid or SSI. If they have a special needs trust, they can receive additional funds to improve their quality of life without losing their government benefits.
A Person Who May Need Government Benefits Later
Certain individuals who are not disabled currently may become disabled later on in life due to a condition that may worsen. If one of your family members is currently in this situation, you may consider setting up a special needs trust with the assistance of a special needs trust lawyer. You can always name a trustee who can terminate the trust later on if your family member doesn’t become disabled.
A Person Who Might Not Require Government Benefits in the Future
Not all disabling conditions are permanent. There are new medical treatments for disabilities coming out, so it is possible that a person with a disability right now may not need benefits in the future. You can establish a special needs trust without stressing that you will tie up your family member’s inheritance for no reason. As mentioned earlier, the trustee of the trust can always terminate the trust at a later date.
A Person Who Can’t Manage Finances
If you don’t think a family member can manage finances on his or her own, you may consider setting up a special needs trust for the person. For example, some people with mild disabilities, like bipolar disorder or mild autism, may have a tendency to overspend. If you create a special needs trust for a loved one who is not good with finances, you can prevent the person from spending his or her inheritance too quickly.
A Person Who Vulnerable to Predators
Unfortunately, as the legal professionals at Silverman Law Office, PLLC can confirm, people with special needs may get taken advantage of by predators. Some people may try to go after a disabled person if they discover that he or she has inherited money. If you are worried that your loved one may become a target, you may consider setting up a special needs trust. It can keep predators from going after your family member’s inheritance.
If you have additional questions about setting up a special needs trust, you should schedule a meeting with a special needs trust lawyer today.