Special Needs Planning

In the past, a Will may have been enough to plan for a family member with a disability.  However, it is extremely important that families who have a family member with a disability create a well-defined estate plan. A Special Needs Trust can help ensure that your family members with a disability are well-cared for even after you are gone.

HOW A SPECIAL NEEDS TRUST WORKS

A Special Needs Trust, also known as a Supplemental Needs Trust is a specialized document designed to allow an individual to provide funds in a Trust for a loved one who is suffering from a physical or mental disability, or someone with a chronic illness.  One of the most important parts of a Special Needs Trust is that those funds are not considered countable assets for the purposes of qualification for a certain governmental benefit.  By creating this type of Trust, you are providing your loved one with funds while they are still able to qualify for their governmental benefits.

Some important things to think about when setting up a Special Needs Trust are:

• It is important that you determine who would be the Trustee(s) of the Special Needs Trust.  This person will manage the Trust’s assets and will be in charge of spending money on your loved one's behalf.  The individual with the special needs will have no control over the money, therefore the government will have to ignore the trust property when it comes to program eligibility  purposes. Therefore, it is important that the Trustee you choose is very well trusted and familiar with the beneficiary's needs.
   

Our goal at Benson Law is to help your family develop an effective plan for their future geared to their special needs and situations.