Special Needs Trust
Special Needs Trust Attorney Near Me
Maybe you’ve been anxious about the well-being of your loved one living with a disability. You want to be rest assured that their health and welfare needs will always be met. A Special Needs Trust is an effective way to ensure that your loved ones are cared for, even when you are no longer around.
What is Special Needs Trust?
A Special Needs Trust is a legal means to provide funds for your loved one(s) with a disability while preserving their eligibility for important government benefits.
It is a good strategy to secure the financial future of your loved one with special needs.
How does a Special Needs Trust work?
Medicaid is one of the only ways for people with disabilities to get health coverage. But Medicaid offers benefits only to people whose income or assets remain below a certain limit ($1,500).
What if you want to leave assets over that amount to your loved one without jeopardizing their eligibility?
Setting up a Special Need Trust handles your trust assets, without having them count towards the resource limit for Medicaid or Supplemental Security Income (SSI) eligibility.
SSI and Medicaid will exclude the trust because your loved one will have no control over the money.
This means that they could stay on Medicaid and still have access to funds, giving them the opportunity to improve their quality of life.
You can create separate trusts for different types of funds:
You must understand the type of trust you want to create, to enable you to secure the maximum benefit for your loved one while still complying with federal laws.
What Are The Benefits?
Proper Estate Planning for your loved one with special needs can go a long way to ease your mind, as you can be confident that you’ve done everything in your power to protect them.
How do I set up a Special Needs Trust?
Your Special Needs Trust can be funded with cash, retirement plan benefits (IRAs, 401ks), property, investments, life insurance or with ‘first party’ funds.
Setting up a Special Needs Trust is a simple process:
However, you should consider seeking professional advice from a Special Need Attorney because there are laws that regulate the process of creating a special needs trust.
Do I need a lawyer to draft my Special Needs Trust?
Information on the Internet might have made it look easy to create one. Nonetheless, If you can afford a lawyer, you should use one. If you happen to be in Scottsdale or Phoenix Arizona, RJ Sanders Law will draft a trust designed to meet your beneficiary’s evolving needs. You want to ensure that your trust is valid and compliant with federal and state laws.
Spending the time and mental energy to do it right can be tasking, the rules can be a little complicated. You should consider hiring RJ Sanders Law today to help take the burden off your shoulders.