Special needs trust lawyer St. Peters, Missouri
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.
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)
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.