Planning ahead for one’s legacy can be complicated. Estate planning becomes all the more challenging for families with special needs children. If you have children or other close relatives with special needs, you want to ensure he or she is cared for when you are gone.
It is natural to have concerns about a family member with disabilities. The creation of a special needs trust can allow you to have peace of mind, confident that you have done all you can to ensure the safety and wellbeing of your loved one. There are specific legal restrictions about what a special needs trust can pay for, and it is imperative that your estate planning attorney has a deep understanding of all of the finer details associated with these trusts, so that your loved one is well-cared for in the coming years.
You may wish to establish a trust to provide for your child. Funds from a special needs trust can be used to pay for caretaking services, transportation, and the other needs of your loved one. To ensure that your child is protected, get the facts about establishing a special needs trust.
Special needs trusts provide for care above and beyond what the government provides in support. Assets placed in the trust do not necessarily restrict an individual from accessing government aid such as Social Security or Medicaid, but the trust must be drafted correctly.
In a typical special needs trust, the beneficiary does not control the assets. A person you trust will be chosen to administer the funds for the care and maintenance of your special needs relative.
Special Needs Trust Advantages
Special needs trusts offer some key benefits both to you and your special needs family member:
- You’ll be confident that your loved one is being provided for after your death. Your child may be unable to handle personal finances, but a special needs trust lets you appoint a trusted person to use the funds responsibly in the support your child.
- The assets you put in the trust are protected. Special needs trust funds allow the trustee very little discretion. The funds cannot be used for any purpose other for the support of the beneficiary.
Drafting a Special Needs Trust
When looking to establish a special needs trust to care for a loved one, your first step is to speak with a qualified and experienced estate planning attorney. The trust must be carefully drafted in order to ensure that your child retains access to government benefits, and that the trustee will not be required to reimburse services such as Medicaid.
An experienced special needs trust lawyer will help you draft the trust documents correctly. Contact the Christopher B. Johnson Law Office in Pasadena. We are familiar with the processes involved in establishing trusts tailored to the needs of families with special needs children, or other family members with disabilities.