Benefits of a Special Needs Trust

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A common question we get at Attorney Search Network is, “how do I set up a will or trust that distributes assets or funds only when certain things happen?� The answer is: a special needs trust. A special needs trust is a trust that includes criteria on how and when funds and assets can be distributed.

A special needs trust is a trust that can hold cash, personal property, or real property for beneficiaries. Often times a special needs trust is used for beneficiaries who are minor children, who have illness or limiting injuries. A special needs trust can also hold proceeds from a life insurance policy, a will, or a civil litigation suit. Other common uses for special needs trusts are trusts established for charitable interests and educational trust funds.

If you or your child has serious disabling injuries, it is important to prepare a special needs trust. If a special needs trust is not created for a disabled person who receives public benefits, the assets they receive will be counted when computing their income. The extra income provided by the special needs trust can place them over the income eligibility requirements and they can potentially lose their public benefits.

An estate planning lawyer can discuss special needs trusts and give you more information. An estate planning lawyer understands how special needs trusts can provide long-term financial security and will help make sure the assets get disbursed according to your desires.

If you or a loved one needs a special needs trust, contact Attorney Search Network today. We can help you find an estate planning lawyer in your area.

If you have any questions about the information provided above, please contact Attorney Search Network.

Contact Attorney Search Network for an Attorney Referral to an pre-screened Will and Estate Lawyer.

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