Special Needs Trusts: Ensuring That Your Loved Ones Are Cared For
If you have a loved one with special needs, you understand the fear that they won’t always be cared for. No matter what happens, you want your loved one to have the financial resources they need throughout their life. Setting up a special needs trust will keep assets safe while preserving their right to government benefits.
Our experienced team at the Law Office of Harvey L. Cox can help you set up a special needs trust to set aside funds to protect the future and well-being of your loved one. It is never too early or late to start planning to protect your loved ones. Our founding attorney has years of experience helping clients set up special needs trusts and estate plans. At our offices in Waco and Round Rock, we will ensure that all relevant information is considered when establishing your trust.
Helping To Enhance The Quality Of Life Of Disabled Loved Ones
A special needs trust sets aside funds for a beneficiary with a disability to help pay to maintain and enhance their quality of life without disqualifying them from need-based government benefits. When you set aside assets for a disabled loved one in a will, you may unintentionally disqualify them from receiving government benefits by “over-providing.” A special needs trust can work for various people, including those with permanent or temporary special needs and people who may someday have special needs.
Most commonly, special needs trusts are for people who likely will need government assistance from Medicaid and Supplementary Security Income (SSI) programs. Because these government programs only cover the bare essentials, a special needs trust can provide much-needed support for the enjoyment of life.
A special needs trust can be used for a variety of measures to enhance and maintain their life, including:
- Annual check-ups
- Supplemental education
- Out-of-pocket medical expenses
- Entertainment and vacations
- Special dietary needs
- Personal care attendants
There are two types of special needs trusts: first-party and third-party trusts. A first-party special needs trust is funded by assets that belong to a special needs individual, such as when the individual receives a settlement or an inheritance. Third-party trusts are created by someone other than the beneficiary, such as a parent or family member, to supplement government benefits. These trusts are created with assets that never belonged to the beneficiary.
Security For Them, Peace Of Mind For You
Our firm is here to help you protect your loved ones with disabilities. A special needs trust can give you the peace of mind that a simple will or estate plan may not. Contact us today to schedule a consultation and learn more about how a special needs trust can help protect your loved ones. Call us at 866-799-2124 or fill out an online contact form to get in touch.