Special needs or disabled people count on government-funded programs, like Supplemental Security Income and Medicaid, to provide financial support and services. However, there are restrictive income and resource limitations to ensure that those in need, are the ones receiving these benefits.
That’s why many families ask elder law and estate planning attorneys about the two types of special needs trusts.
Moberly Monitor’s recent article, “Things to know, things to do when considering a special needs trust,” explains that with planning and opening a special needs trust, family members can hold assets for the benefit of a family member, without risking critical benefits and services.
If properly thought out, families can continue to support their loved one with a disability long after they’ve passed away.
After meeting the needs of their disabled family member, the resources are kept for further distribution within the family. Distributions from a special needs trust can be made to help with living and health care needs.
To establish a special needs trust, meet with an attorney with experience in this area of law. They work with clients to set up individualized special needs trusts frequently.
Pooled trust organizations can provide another option, especially in serving lower to more moderate-income families, where assets may be less and yet still affect eligibility for vital governmental benefits and services.
An elder law attorney who has experience working with Special Needs families will be able to review your family member’s situation and determine what the best way is to protect your family members and ensure that he or she receives the benefits and serves they need, in conjunction with a Special Needs Trust. There may be other options for your family, depending on your situation.
Reference: Moberly Monitor (October 27, 2019) “Things to know, things to do when considering a special needs trust”
∗ For more information about this and other similar topics, please visit: www.LambrosLawLLC.com or call us at: (401) 383-9899