Establishing A Special Needs Trust
Created specifically to benefit those with physical or mental disabilities, a special needs trust outlines the affairs of a beneficiary in regards to their needs in the future. This type of trust can last as long as it is needed, and this usually means that it will continue until the beneficiary dies or until funds are expunged, as explained by FindLaw.
Moreover, the establishment of special needs trust ensures that the individual will not lose any governmental benefits he or she is receiving. For instance, if a disabled person is left with a lump sum of money or assets following the death of a loved one, he or she might be disqualified from receiving supplemental pension, vocational rehabilitation or subsidized housing from the government. However, a special needs trust can preserve these benefits.
Even so, when government benefits are not a priority, a special needs trust remains a unique way to identify and protect the needs of a disabled loved one. Trustees can use the assets provided by the trust to purchase necessities and other services, including personal care products, attendants, vacations, furniture, medical and dental expenses, education, vehicles, therapy and more. While a trustee can give the beneficiary money, it is not wise to do so, as this could prevent them from receiving government assistance down the road.
Can I Set Up A Special Needs Trust? Do I Need A Lawyer?
There are countless resources for setting up a special needs trust, and almost anyone is qualified to create one. Yet, given the state-specific requirements and wording necessary, it is wise to seek the advice of an experienced trust and estate- planning attorney. This is particularly important when a beneficiary has inherited or received a substantial amount of money from a settlement, as there are many details to consider.
Attorney Robert Turner creates special needs trusts for clients throughout Decatur and greater Atlanta. By assigning assets to the trust, they are not listed as owned by the beneficiary. In effect, this preserves the right of the individual to receive government benefits such as Medicaid, if necessary.
For questions concerning a special needs trust for a loved one, contact Attorney Robert Turner today, or fill out the online form provided on our website.
Posted on the behalf of Turner Law, LLC