Special Needs Trust Lawyer St. Peters, MO
When a family member has a disability that requires financial support, it is often relatives and a government agency that helps pays for this person’s necessity of living expenses. A family member that is creating a trust, may be considering establishing a special needs trust in order to help ensure this loved one still receives what he or she needs even after the trustor has passed on. It is important to speak with a special needs trust lawyer St. Peters, Missouri trusts, to ensure your loved one is taken care of properly. Those who would like to know more, may want to speak with an experienced lawyer from Legacy Law Center.
An experienced special needs trust lawyer in St. Peters, MO knows that finding out that a child has special needs can be a difficult time for a family. Such parents immediately want to do everything in their power to make sure that their child can still live a full and healthy life, even in the face of a physical or mental disability. However, many do not consider and provide for what might happen to their special needs child upon the death of the child’s parents.
Providing for the care of your special needs child upon the occurrence of your death requires significant financial and legal planning in order to ensure that the child maintains his or her quality of life once you are no longer around. Even parents who make plans for their special needs children do not realize that they could be making logistical mistakes that could have an impact on the lifestyle of the child long after the parents are gone, which is why it’s important to work with a St. Peters, MO special needs trust lawyer.
Common Mistakes Made by Parents
Parents of special needs children often leave bank accounts and other assets in the name of their special needs child because they would like such assets to be directly applied to the child’s care. Such parents also make the mistake of naming their child as a beneficiary to their insurance policies, wills, and retirement accounts. These parents don’t realize that by doing so, they could be disqualifying their child from being able to receive federal assistance for medical expenses, which is why it’s good to talk to a special needs trust lawyer for St. Peters, MO.
Programs such as Supplemental Security Income (SSI) and Medicaid offer financial assistance specifically for special needs people in order to assist with some of the high costs of care. However, in order to qualify for such federal assistance programs, an applicant should not have significant assets in their name. This is because programs such as SSI require that applicants do not have more than $2,000 in assets in order to receive assistance.
The Benefits of a Special Needs Trust
A person with special needs requires substantial financial assistance in order to maintain a high quality of life and federal government programs coupled with the parents’ personal financial contributions would provide for the well-being and care of the special needs child for years to come. Luckily, there are ways to provide for your special needs child, while also not disqualifying them from receiving assistance under federal programs. Instead of leaving assets to your special needs child outright, consider creating a special needs trust. Creating a trust can be a complicated process to undertake alone, so work with a special needs trust lawyer for St. Peters, MO to guarantee your child’s care after you are gone.
A special needs trust pools all of the assets that you would like your child to have into a trust, which is managed by a trustee. By making your child a beneficiary of a special needs trusts, assets can be set aside and used for a range of services and items that your child needs, such paying for assisted living or to provide for handicap-accessible transportation. Because the assets in a special needs trust are not controlled by the beneficiary, they will not disqualify your child from being able to receive Medicaid and other federal care services and resources.
Special needs trusts represent a great way for you to provide for the care and health of your special needs child once you are no longer around. Contact the special needs trust lawyer St. Peters, MO at Legacy Law Center for professional assistance with a special needs trust or any other estate planning issues.
What does a special needs trust do exactly?
A special needs trust is designed for disabled beneficiaries of the trustor. The beneficiary may have a physical and/or mental disabilities in which he or she requires financial aid. In many cases, the trustor creates the trust in such a way that the beneficiary has access to assets within the trust, but is still able to receive essential government benefits. Creating a special needs trust can become complicated so it is important to speak with a special needs trust lawyer from our St. Peters, Missouri office if you have any questions.
Who may be qualified as a special needs beneficiary?
Special needs trusts can be written for any loved one who has a physical or mental disability, in which they also are unable to manage their own finances. The trustor creates a trust that is unique to the beneficiary’s disability needs and lifestyle. It is advised to work with a special needs trust lawyer in St. Peters, Missouri if you are nervous or unsure about how to begin creating this trust.
Who can benefit from a special needs trust?
Loved ones with a physical, age-related, cognitive or other disability can benefit greatly from a special needs trust being established with them in mind. It can grant the trustor immense relief to know that funds are being protected, that shall go to this loved one who requires financial assistance. Creating a special needs trust can be helpful for those who need:
- Benefit eligibility protection
- Financial exploitation protection
- Guidance when managing finances
- Assistance remaining in accordance with state and federal agencies
- Investment advice for awards or settlements
If your loved one would benefit from any of the aforementioned items, contact a special needs trust lawyer from our St. Peters, Missouri location to take the first step in creating their special needs trust.
In what ways can the funds support the beneficiary?
The beneficiary listed in the special needs trust can use the funds within this account for various services, items and other needs. For example, once the beneficiary receives his or her special needs trust award, it can be used for the following:
- Home purchases (including remodeling or other maintenance)
- Cable television, landline telephone, cellphone
- Computer purchases and software
- Expenses for internet access
- Costs for travel
- Supplemental care (dental, vision, other)
- Purchasing a car (including costs for maintenance)
Common Trust Mistakes to Avoid
Estate planning may not be the most exciting task in the world, but it’s necessary for everyone. A proper estate plan can financially protect your special needs child and ensure that your wishes are carried out after your death. Establishing a trust can be a pretty complex procedure for the average person, so mistakes are common than you think, which is why it’s beneficial to work with a special needs trust lawyer for St. Peters, MO. Let’s take a look at the most common trust mistakes you need to avoid:
Assuming Everything Is Taken Care of After Establishing a Trust
Some people make the mistake of creating a trust, signing the document and then just forgetting about it. The truth is that a trust isn’t worth anything if there aren’t any assets in it. That’s why it’s important to retitle your accounts in the name of the trust as soon as possible.
Creating the Trust By Yourself
While it’s possible to establish a trust at home, it’s not recommended. As mentioned above, trusts are very complex documents. If you make errors, family members can challenge it, which can create a lot of stress for everyone. It’s worth hiring an experienced special needs trust lawyer in St. Peters, MO to help you create the trust. He or she will ensure that the document is valid and save you a lot of stress and headaches down the road.
Giving Too Much Too Soon to You Children
If you plan to set up a trust for your children, you should be careful about giving them their full inheritances too soon. Many parents allow their kids to receive their full inheritances by the time they turn 18, assuming they are responsible enough to handle it. However, many young adults at that age still lack the maturity handle large amounts of funds. Consider giving them a small portion when they turn 18 and the remainder of it when they are several years older.
Selecting the Wrong Trustee
The trustee is the person who will be responsible for administering your assets after you die, so it is important to choose wisely. The person you choose should be responsible, organized, financially competent and unbiased. If you can’t find anyone in your family that can fulfill the role, you can always hire a special needs trust lawyer for St. Peters, MO.
Failing to Recognize the Needs of Your Children
As a parent, you love all of your children equally. However, that does not mean that you have to divide up their inheritances equally. If you have a special needs child, for example, he or she may likely need more financial assistance than your other ones. There is no shame in providing a special needs child with more of an inheritance.
Scheduling a Consultation With a Special Needs Trust Lawyer in Missouri
If you are ready to create a trust, you should make an appointment to see a reputable special needs trust lawyer serving St. Peters, MO as soon as possible. He or she will listen carefully to your needs and desires and help you establish a trust that reflects your wishes.
Is is necessary to hire a lawyer regarding the special needs trust?
While it is not required to meet with an attorney about the special needs trust, it may be a good idea. Those who have never written this kind of trust before, may be nervous that they are forgetting something which could affect trust legitimacy down the line. An attorney can look over the document and suggest corrections if needed. Sometimes, there may be very complicated and state-specific rules, which a trustor must be aware of when establishing the special needs trust. Contact Legacy Law Center, the special needs trust lawyer St. Peters, Missouri calls first, to ensure their loved one is taken care of today to schedule a consultation.