SCHEDULE AN APPOINTMENT NOW!

Special Needs Trusts

About Special Needs Trusts.

Special Needs Trust Help Us Make Plans For The Disabled

 

Caregivers for people who are ill, aged or disabled are the unsung heroes among us. These caregivers are often on the job 24 hours a day, seven days a week. They care for someone in their lives who has limitations preventing her/him from living independently. The subject of this care may be a child with Down’s Syndrome or it may be a spouse with Alzheimer’s disease.

The biggest fear these caregivers often have is a day when they cannot be there to care for their loved one.


PLANNING Is Imperative

 

If someone with special needs depends on you to care for them, you must plan for the day when you cannot be their caregiver. A Special Needs Trust can hold assets for the benefit of the disabled individual.

It allows you to leave money for the care of your loved one. This won’t disqualify them from Supplemental Social Income (SSI) or government healthcare benefits such as Medicaid.

Back to the Top

WHAT IS A TRUST?

 

A trust is a legal entity that can hold assets for the bene t of someone else.

The trust document will name the beneficiary (the disabled person). The trust will also name a trustee, the person who can manage the assets placed into the trust and make disbursements to the beneficiary.

Back to the Top

TWO TYPES OF SPECIAL NEEDS TRUST

 

There are two main types of SNTs: a First Party SNT and a Third Party SNT.

A first party SNT is funded using the beneficiary’s own assets.

This is a trust set up by third parties, such as parents of a disabled child.

Back to the Top

HOW TO SET UP A TRUST

 

A special needs trust is definitely not a do-it-yourself project. There are many federal and state laws, as well as administrative rules, which must be carefully followed in setting up and running a SNT.

A misstep, even an unknowing one, can cause the trust to be “busted”. The assets will be drained out without benefiting the disabled individual.

Back to the Top

FUNDING THE TRUST

 

If you create a Third Party SNT while you are living, you can even encourage other family members to make gifts to the trust. Their gifts can be made either while they are living or through their own estate planning.

Back to the Top

OPERATING THE TRUST

 

The Trustee is responsible for managing the assets of the trust, filing tax returns if required, and disbursing assets for the benefit of the disabled person.

The Trustee may use funds in the trust to pay for medical expenses not otherwise covered like:

  • special medical equipment
  • in-home caregivers

The trustee may also pay for quality of life enhancements for the disabled individual.

Back to the Top

PEACE OF MIND

 

By utilizing an SNT, caregivers get peace of mind that, even after they are gone, their disabled loved one will have resources at their disposal to enhance their lives while still maintaining eligibility and medical benefits.

Back to the Top

Laws Change!!

 

Fire Arms Laws are always subject to changes, additions and revisions. As a responsible firearms owner, we advise you to stay informed on such changes as the laws in place at the time of your trust formation may change.

Back to the Top

SCHEDULE AN APPOINTMENT NOW!