Protecting Your Child’s Future With A Special Needs Trust
If you have disabled children, ensuring that they have access to the financial resources they will need after you are gone is a major concern. Medical care and other expenses combined with little or no earning capacity can create a precarious situation that calls for a substantial intervention on your part.
Creating a sound financial safety net for your child is often best accomplished through the establishment of a supplemental or special needs trust with the help of an attorney. These trusts allow parents to set aside funds to assist their disabled children with various needs related to their disabilities. A special needs trust can be established for either minor or adult disabled children.
Utilizing A Trust To Preserve Public Benefits
With all of the advancements in modern medicine, people with disabilities are living longer than ever before. Public benefits are often necessary, yet while the need is increasing, government programs are being curtailed due to economic pressures and budget constraints. There is simply no guarantee that public benefits will always be available to provide adequate resources for the disabled person’s lifetime.
Still, for many special needs persons, valuable government benefits need to be preserved. Careful planning is required in order to design a plan that will supplement government benefits worth preserving, but be flexible enough to address future changes and ensure that proper care is received.
Planning For Loved Ones With Special Challenges
A supplemental or special needs trust is a trust that can supplement the needs of a special needs beneficiary while allowing the beneficiary to maintain his or her governmental benefits, including Supplemental Security Income (SSI), Social Security and Medicaid.
If the special needs trust is established by someone other than the disabled person and the disabled person does not have the legal right to demand trust assets, the trust is generally not considered a countable resource for purposes of government benefits. Therefore, the special needs trust beneficiary can usually continue to receive benefits even though he or she is a trust beneficiary. The trust will give the trustee the discretion to make distributions to the beneficiary to the extent possible without reducing benefits, and trust assets are available if the beneficiary no longer qualifies for governmental assistance or that assistance is no longer available.
Learn How We Can Defend Your Child’s Future
We are committed to helping parents find the best ways to provide for their disabled children.
At Emert Law Firm, LLC, in Georgia, a lawyer can examine your special needs situation carefully and, working with outside counsel and advisers if necessary, help you choose an option that works best for you and your loved ones. Special needs trusts can provide a substantial degree of stability for your child long after you are gone. We focus on providing highly personalized service to help clients, when appropriate, create special needs trusts and estate plans that truly meet their needs.
Emert Law Firm, LLC, is here to help the parents of disabled children in their efforts to support their children even after they are gone. Email us, or call us at 678-926-9284 to schedule your free initial consultation. To receive a complimentary consultation, we ask for you to first complete our Estate Planning Questionnaire, and that you bring your answers to the appointment.
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