Special Needs Planning & Special Needs Trusts
Are you the parents, grandparents or other family member of a special needs child or adult? If so, there are a variety of special needs planning tools that may interest you. One such tool is a special needs trust, which is a way for your special needs person to inherit money or obtain a settlement of a lawsuit without compromising his or her eligibility for governmental benefits.
Would you like to speak with a lawyer regarding a special needs trust for that special needs individual in your life? Please contact Sikov and Love, P.A., to arrange for your consultation. Since our founding in 1952, we have set a standard for quality legal services.
Our firm can help you plan for the special needs person in your life. It is possible for a special needs person to maintain governmental benefits while being the beneficiary of a special needs trust.
Keep Government Benefits
Our firm can craft a special needs trust that will be designed to fit your family’s unique situation and goals. A special needs trust is a great way for you to provide for the special needs person in your life so that he or she can respond to various circumstances.
Perhaps your child is turning 18 and you would like to establish a special needs trust so that your child does not lose eligibility for government benefits. Perhaps your child has obtained a personal injury settlement or inherited money. We can help disabled individuals establish trusts that do not compromise government benefits, such as Medicaid and Supplemental Security Income.
Types of Special Needs Trusts
Common Law Trusts
Common law special needs trusts are often set out in wills and are known as “testamentary special needs trusts.” Or, such trusts can be created by a parent during the parent’s lifetime, which are known as “inter vivos special needs trusts.” Both types help protect an adult child’s ability to obtain and keep governmental benefits.
Payback special needs trusts are set up with funds that belong to the special needs individual and must, upon the death of that individual, payback medical assistance for the benefits that were received. These type of trusts are sometimes used when the special needs individual is awarded money in a lawsuit or inherits money from a parent when a parent has not set up a testamentary special needs trust.
Pooled special needs trusts are administered by third-party nonprofit organizations and enable persons with special needs to retain their governmental benefits and have more financial freedom as well as to have an organization to turn to for assistance in financial or other types of matters when family may no longer be available.
Please contact the special needs attorneys at Sikov and Love, P.A., to arrange for a special needs planning consultation to learn more.