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What You Need to Know About Special Needs Trusts

June 21, 2019 in Uncategorized | MARTIN WREN, P.C. | LEAVE A COMMENT

best trust lawyers

A trust lawyer is available to assist parents in creating trusts and other estate planning documents that can provide security to their children with special needs. We understand the stress and concerns associated with caring for loved ones who have disabilities, and the need for making future arrangements for them. Additional concerns come into play as well, including the importance of not jeopardizing their Medicaid and Supplemental Security Income. Do not risk causing your loved one with special needs to lose their benefits by gifting them with cash. A special needs trust created with the help of a trust lawyer can help you solve these challenges. Give a law firm a call today and request a free consultation with a trust lawyer.

A Special Needs Trust Offers Many Advantages

Children with special needs who receive government benefits should not be put at risk of losing them because they inherit certain types of assets. An effective approach for avoiding such difficulties is to create a supplemental needs (or special needs) trust. In this way, rather than bequeathing them property after your passing, your assets transfer to the supplemental needs trust. The person whom you choose to manage that trust (known as the trustee) will decide which monies from the trust should be used in support of your loved one. As a result, your loved one will not have control of those assets or funds and this protects them from losing their Medicaid and SSI benefits. A trust lawyer can set this up for you and address any concerns or questions that you have along the way.

Spending Funds Held by a Trust

You may wonder how the funds held in a trust can be made available to your loved one with special needs without putting their federal benefits in jeopardy. Though the trustee you designated to oversee the trust cannot pay money directly to your loved one for fear of interfering with their government benefits eligibility, the trustee can pay for their services and goods. This might include any or all of the following (in addition to other unlisted items):

  • Out of pocket dental and other medical expenses
  • Recreation
  • Physical rehabilitation
  • Home furnishings
  • Vacations
  • Vehicles
  • Educational expenses and related costs

Pooled Trust

Another option that our trust lawyer can tell you more about is pooled trusts, also known as community trusts. If you do not have a person who is suitable to be your loved one’s trustee, or if you do not have sufficient funds to create a special needs trust, a pooled trust may be ideal. Pooled trusts are another type of trust that are managed by nonprofit organizations that receive and invest the funds provided by many families. Each of the trust beneficiaries has their own account. The nonprofit’s chosen trustee uses the pooled funds for discretionary spending for each beneficiary.

A Trust Lawyer You Can Count On

If you would like to learn more about the ways in which you can provide for the future of your special needs loved one, contact a law firm to speak with the best trust lawyers in Phoenix, AZ.

Thanks to Kamper Estrada, LLP for their insight into estate planning and special needs trusts.

Contact Our Virginia Lawyers

We serve clients throughout Virginia — from Charlottesville and Central Virginia to metropolitan Richmond; Harrisonburg and the Shenandoah Valley to Roanoke; and the cities of Hampton Roads to the Northern Virginia cities of  Fairfax, Alexandria and Arlington.

To speak with one of our attorneys, please call us at (434) 817-3100.

Our Virginia personal injury lawyers at MartinWren, P.C. also have a statewide practice and offer free consultations at a time and location that is convenient for you.  We will gladly meet with you at your home or at the hospital, even on nights and weekends.

To schedule a free consultation with a personal injury lawyer, please call us at (434) 817-3100.

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