Are you the parent or guardian of a child or adult with special needs? You and your special needs loved one may benefit from establishing a Special Needs trust. This type of trust helps parents, other family members, or even friends contribute financially to the person with special needs without jeopardizing their eligibility for Medicare, Social Security Disability, SNAP, and other government benefits, like housing or vocational programs.
Special Needs Trusts (SNT) differ slightly from other trusts, but when properly constructed by a skilled Chesterfield, MO, special needs trust lawyer, they can significantly enhance the beneficiary’s life. If you wish to learn more about an SNT or set one up for a loved one, contact Legacy Law Center today.
What Is A Special Needs Trust?
A special needs trust operates in much the same way as other types of trusts: the trust creator places assets in the trust for the financial benefit of the beneficiary. However, with some types of trusts, the beneficiary has control over the trust or could exercise some sort of control over the trust. The beneficiary of a special needs trust has no control over the assets of the trust and only benefits financially when the trustee uses the monies or assets on behalf of the person with special needs.
It’s specially constructed so that the assets in the trust are not counted as personal assets of the person with special needs. This is so they maintain their financial eligibility for Medicaid and other government programs they may participate in or be eligible for. The money in the trust is used to enhance their lives and pay for things that their “regular” income or distance benefits may not, such as durable medical equipment.
A Chesterfield special needs trust lawyer can review your loved one’s financial situation, including their benefits and living situation, and then properly establish the trust to preserve those benefits. A member of our legal team can also serve as the trustee on your behalf, ensuring that the funds in the trust are used properly. The government looks closely at the financial picture of participants; we ensure that your loved one’s housing and medical coverage aren’t in jeopardy due to an improperly constructed trust.
Personalized Legal Advice For Families Of A Special Needs Adult
Adults with special needs may need more legal protections than just a special needs trust. The legal team at Legacy Law Center can help you establish an SNT and review your loved one’s situation to determine if there are other ways that you can protect them and enhance their quality of life. We can also act as a trust administrator if you do not wish to take on the responsibility or do not know anyone ready to assume a trustee’s fiduciary duties. Contact our firm today for a consultation with an experienced Chesterfield special needs trust lawyer.
