An estate plan is so much more than a will. There are valuable estate planning tools that you can implement to meet the unique circumstances of your family. Take the special needs trust, for example. This type of trust can help ensure that a loved one with special needs is cared for after you pass without jeopardizing his or her right to government benefits. That’s why you need a trusted estate planning attorney.
Secure a future you want for your loved ones. At the Law Office of Carey Thompson, PC, you will get a comprehensive estate plan designed with your personal vision for the future in mind.
What is a Special Needs Trust?
A special needs trust has several key benefits, including:
- The ability to provide financial assistance to a special needs loved one without putting their right to receive government benefits in jeopardy;
- Allowing other family members to contribute financial assistance as well;
- Giving your special needs loved one financial assistance with tax advantages; and
- Ensuring your loved one receives reliable care after you pass.
The peace of mind that a special needs trust can bring is invaluable. The ability to financially provide for a special needs individual indefinitely can lift a big weight off of your shoulders. Without a special needs trust, you risk a person’s right to public assistance if you give an asset or property to them in your will outright. Putting funds in a trust protects him or her from this risk and helps ensure their continued receipt of public assistance such as Medicaid and Supplemental Security Income (SSI).
The funds from the trust will not count against your special needs loved one for Medicaid and SSI purposes because they are not directly in control of the funds nor do they have the ability to spend the trust funds themselves. The trustee you appoint must have complete control over the trust property and have the responsibility of spending the trust funds on behalf of the beneficiary, your loved one with special needs. The trustee has the ability to spend trust assets for a wide variety of things including goods and services such as:
- Physical therapy
- Personal care providers
- Out of pocket medical expenses
- Out of pocket dental expenses
The trust will end when it is no longer needed. This usually occurs upon the death of the beneficiary or when the trust funds have been exhausted.
Trusted Estate Planning with the Best Interests of Your Family in Mind.
A special needs trust is a great example of the level of protection trusted estate planning can bring to your family’s financial future. The ability to care for a loved one in need after we are gone is not impossible. Most people do not realize the full potential of a well-drafted, comprehensive estate plan. Contact the Law Office of Carey Thompson, PC to learn more about what our knowledgeable estate planning attorneys can do for you and your family.