Work with one of our attorneys to draft or review a special needs trust
Special Needs Trusts are trusts established for disabled individuals under the age of 65. The goal of the trust is to hold funds that the disabled individual may have received or will receive from settlement, inheritance, or earned or received prior to the onset of a disability to improve quality of life without effecting eligibility for programs like Medicaid, SSI or SSDI. Funds in a special needs trust can be used for extras like clothing, travel, telephone services, cable, and other goods and services not provided by Medicaid or other government programs.
The rules governing eligibility under Medicaid and Social Security are complicated and a trust must be carefully drafted, with the needs of the beneficiary in mind, to ensure continued eligibility for benefit programs.
Individuals with a child with Special Needs can utilize a Special Needs Trust to provide for a disabled child. If the trust is done properly, the transfer will have no effect on government benefit eligibility for the parent or the receiving child. An individual who becomes disabled before the age of 65 can also utilize a Special Needs Trust to protect personal assets while qualifying for government benefits.
Speak with an attorney today for more information
Our office will carefully review the circumstances and needs of the parent, disabled individual and his family to determine the best trust option. Contact The Perla Law Firm today to discuss Special Needs Trusts and other Estate Planning matters.