1. Who can benefit from a special needs trust?
– People with a permanent or severe disability who are unable to earn a living;
– Someone who may get better;
– Someone who may need a special needs trust in the future;
– Someone who is eligible for Medicare or SSDI; and
– Someone who needs assistance managing an inheriance.
2. Who can set up a special needs trust?
– Any other relative; and
– Any other third party.
3. How to Put Money in a Special Needs Trust?
– Wills – you can use a will to specify what property will be put into the special needs trust;
– Revocable Living Trusts – A living trust can be used to fund a special needs trust that will become effective at your death; and
– Beneficiary Designations – For certain types of property, the owner of the funds can use a form to designate that the special needs trust gets the property upon his or her death.
As you can see, there are options when it comes to special needs trusts. Unless you make the right legal arrangements such as setting up a special needs trust, protecting your child’s financial future may prove difficult.
An estate attorney can assist you with setting up a special needs trust as the process may seem complex and there are important requirements to ensure that your loved ones benefits are protected.
We understand how important protecting your child’s financial future is when you are gone, call Hope Law Firm at