A Special Needs Trust Lawyer O’Fallon, MO Trusts Shares Factors to Consider When Creating a Special Needs Trust
If you have a child with special needs, it becomes even more important to start the estate planning process early. Whether your child has a mental or physical disability, you want to ensure he or she is taken care of when you’re gone. Many families with disabled children create special needs trusts, which provide for disabled people without jeopardizing government benefits. A special needs trust lawyer from Klenk Law list some of the factors to consider when creating a special needs trust below.
Do you think your child will require government benefits, such as Social Security or Medicaid, in the future? If the answer is yes, you should make arrangements early to ensure the trust doesn’t jeopardize those benefits. An experienced special needs trust lawyer may help you accomplish this.
Firm to Manage Trust
Special needs trusts are even more complex than traditional trusts, so it is a good idea to hire an O’Fallon, Missouri law firm that specializes in this. You want to ensure that your child’s trust is managed properly. If your child’s trust, for example, has $250,000 or more in it, you may want to hire a law firm that has experience working with large amounts of money.
Amount of Money
Another important factor you must consider when establishing a special needs trust is how much money you want to put in it. While the obvious answer might be as much as possible, it is not always feasible. For example, if you have other children, you may want to give them a fair share. It may be in your best interest to discuss this matter with a financial advisor who specializes in special needs financial planning.
Revocable or Irrevocable
A special needs trust should typically be irrevocable, however, if you and the other parent only plan to contribute to the trust, you can choose to make it revocable and make changes to it at any time.
When a person turns 18, he or she is considered an adult and able to make decisions. However, if your child has special needs, he or she might not be capable of making decisions when he or she becomes an adult. If you want another person, like a relative, to make decisions for your child, you may need to submit documents for power of attorney, guardianship, and other important matters.
As you can see, there are a lot of different matters to think about when setting up a special needs trust. It can get a little overwhelming. If you need assistance setting up this trust, don’t hesitate to talk to a special needs trust lawyer.
At Klenk Law, each special needs trust lawyer O’Fallon, Missouri clients recommend has extensive experience creating special needs trusts and may help you in any way you need. They take the time to listen to their clients’ requests and answer any questions they may have.