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Special Needs Trusts
A Special Needs Trust is a way for a person with special needs to inherit money or obtain a settlement of a lawsuit without compromising his or her eligibility for governmental benefits. It is possible for a person with special needs to maintain governmental benefits while receiving funds from a Special Needs Trust.
Preparing a Special Needs Trust requires enormous skill and knowledge. We draft Special Needs Trusts that are designed to fit our client’s family’s unique situation and goals. A Special Needs Trust enables our clients to provide for a family member with special needs so that he or she can respond to various circumstances.
We help and advise disabled individuals establish trusts that do not compromise government benefits, such as Medicaid and Supplemental Security Income.
Common law Special Needs Trusts and inter vivos Special Needs Trusts enable clients and their family members protect their ability to obtain and keep governmental benefits.
Payback Special Needs Trusts are set up with funds that belong to the special needs individual and must, upon the death of that individual, payback Medical Assistance for the benefits that were received. These types of trusts are sometimes used when a person with special needs is awarded money in a lawsuit or inherits money. Pooled Special Needs Trusts are administered by third party nonprofit organizations, and enable persons with special needs to retain their governmental benefits and have more financial freedom as well as to have an organization to turn to for assistance in financial or other types of matters when family may no longer be available.
We work closely with financial professionals, insurance experts, and accountants to assist you and your clients with the many unique needs and concerns regarding elder law issues.
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