Planning Ahead For Special Needs
A special needs trust offers the opportunity to reserve and protect assets for use by a disabled person, even yourself. A special needs trust may be established to set aside funds such as inheritances and court settlements. The assets in the trust can then be used to meet the needs of the disabled person without jeopardizing his or her eligibility for government assistance, such as Medicaid.
Types of special needs trusts include:
- Third-party special needs trusts – Parents often set up these for the benefit of disabled sons and daughters.
- First-party special needs trusts – Since 2016, federal law has allowed disabled people to set up their own special needs trusts.
- Pooled special needs trusts – Assets may be pooled and managed as one pot of money for use by a number of beneficiaries, who will each have their own account stemming from the trust.
This description of basic parameters of special needs trusts is generalized and not intended to address every situation in detail. There is no substitute for personalized legal counsel from an experienced estate planning attorney who can facilitate the most effective selection, implementation, and use of legal tools such as special needs trusts.
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To discuss your assets, individual circumstances, and expectations relevant to your estate planning, call 520-900-5825 or send an email inquiry through this website. We pledge to respond promptly and help you schedule a convenient consultation with one of our lawyers with extensive experience in creating and managing trusts.