Special Needs Trusts
Definition:
A special needs trust is a trust that can hold cash, personal property, or real property for disabled or mentally ill beneficiaries. A special needs trust can also hold proceeds from a life insurance policy, a will, or a civil litigation suit. These are held for the benefit of a beneficiary that has a disability. The special needs trust can provide the needs of a disabled person in addition to the benefits received from governmental assistance such as SSI and Medicaid.Consequences of Special Needs Trusts:
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.What a Lawyer can do for you:
An estate planning lawyer can discuss special needs trusts and give you more information. An estate planning lawyer understand how special needs trusts can provide long-term financial security and will help make sure the assets get disbursed justly.Lawyer Referral Service:
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.
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