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Special Needs Trusts
Special needs trusts are trusts that are created for the benefit of a person who is physically or mentally disabled. As in any trust, the trust establishes a legal relationship between the settlor or grantor, who created the trust; the trustee, who oversees trust assets, and the beneficiary, who receives distributions from the trust assets. A unique feature of special needs trusts is that they are funded by the beneficiaries own assets, sometimes from a personal injury settlement or award. By placing the assets received in a special needs trust, a person may be able to continue to be eligible for state and federal benefits for which they would otherwise become ineligible because of the amount of the award or settlement.
Should I Hire a Special Needs Trust Attorney?
Special needs trusts are created by complex federal and state laws that are often difficult to understand. Retaining an attorney who is familiar with the creation of special needs trusts can ensure that your assets are protected and you or your loved ones future needs will be met. Some of the ways in which a special needs trust attorney can assist you include:
- Help you determine whether a special needs trust could benefit you
- Assist in the creation of the trust
- Make sure the trust has provisions to deal with potential unforeseen circumstances
- Ensure that the trust complies with all state and federal laws
Anyone who believes that a supplemental trust may benefit themselves or their loved ones should consult with an experienced special needs trust attorney as soon as possible. A special needs trust can be a useful tool to make sure that you or your loved ones needs are provided for while maintaining eligibility for federal and state benefits such as Medicaid or Supplemental Security Income.