With the assistance of a special needs attorney, you can easily make choices to protect family assets while at the same time also taking care of their loved ones. A special needs attorney is a specialist who assists in estate planning for a person who is disabled or has some form of particular need. Working with an estate-planning attorney who is well versed and experienced in this area has the following benefits for challenged people and their families.
Special Needs Trust
A separate fund especially established to hold money for the benefit of a medically, physically, or mentally challenged person is known as a special needs trust. Funds help these individuals’ living expenses, like food, shelter, and clothing. The finances collected in these trusts come from the individual’s income and assets provided by family members, friends, and other sources. When a loved one is differently abled, end-of-life financial planning needs to be considered in great detail to ensure these family members’ legal and financial protection. Special needs trusts are a way to assure that these individuals get financially safeguarded throughout their lives.
Many special needs individuals depend on government programs for further financial benefit. A special needs trust makes way for impaired individuals to receive additional funds while at the same time also remaining eligible for Medical aid, Social Security Benefits of Veteran Affairs medical assistance.
Benefits of such trust
A special needs trust allows specially-abled individuals to lead a more prosperous and secure life. It is essential for an individual who cannot financially look after him or her. There are also such special needs trusts those special needs individuals can fund, too, if they have the capacity. If these individuals have an income, it usually goes into these specially established trusts, while a portion of it may be used for expenses while living on their own. However, it is noteworthy that the funding for a special needs trust can come from other sources besides the beneficiary’s income. Attorneys for special needs help create and fund such a special needs trust designed to suit the situation’s unique circumstances and set of facts.
Once created, an irrevocable special needs trust cannot be altered or changed. Typically trusts are created in the life of both parents with the help of a special needs lawyer. In case of an expected or early death, these trusts make way for the transfer of assets without losing government benefits.
Special needs trusts are generally huge enough to disqualify individuals from receiving government subsidies. Hence, people must take care when creating these trusts to ensure they will not be considered an unsure influence of an instrument of fraud in the eyes of the government. A special needs planning attorney helps disabled individuals and their families benefit from medical assistance while protecting their assets through a safety net.
Estate planning includes not only trusts and wills but also medical documents that protect your family members and you. When considering creating a trust for special needs, it is a good idea to visit an experienced estate-planning attorney; they ensure you understand all legal options.