SPECIAL NEEDS TRUST
In families where there is a child with special needs, one of the biggest questions the family faces is wondering what will happen to that individual if he outlives the parents. A Special Needs Trust (SNT) is a legally recognized method to set aside assets (sometimes life insurance proceeds) for the benefit of the needy individual. A properly structured trust can enable the individual to still qualify for government benefits while supplementing his care with the resources of the trust. Multiple trustees can be involved to make decisions. The parents can leave special instructions to help the trustees. For instance, you might tell the trustees to always be sure your child gets a new pair of pajamas for Christmas, because you know that it is important to him.
A Special Needs Trust is also appropriate if someone is disabled in an accident and receives a settlement. The settlement proceeds can be protected to benefit the victim while still enabling him to qualify for government benefits including Medicaid.
Planning for the care of someone who is unable to care for themselves is probably the most important purpose for establishing a trust. If this is an area of concern for you, please let me help you find an attorney who is competent in this area of expertise. I can also assist you with the accounting and tax filings required.
A Special Needs Trust is also appropriate if someone is disabled in an accident and receives a settlement. The settlement proceeds can be protected to benefit the victim while still enabling him to qualify for government benefits including Medicaid.
Planning for the care of someone who is unable to care for themselves is probably the most important purpose for establishing a trust. If this is an area of concern for you, please let me help you find an attorney who is competent in this area of expertise. I can also assist you with the accounting and tax filings required.