Saving for the future can be difficult, but it’s especially tough when you have a special needs loved one. How can you ensure they’re taken care of after you’re gone? That’s where special needs trust attorneys come in. They can help set up a trust to ensure your loved one has the best possible future while maximizing government benefits to help with everyday living expenses. Let’s look at how a special needs trust attorney can help you set up a trust that gives you the best of both worlds!
Special Needs Means-Tested Government Benefits
Special needs individuals may qualify for a few different government benefits, which can help cover things like medical expenses and housing costs. Other programs also cover transportation needs.
Some of these means-tested benefits include:
- Medicaid: This health insurance program can help cover the costs of medical care for special needs individuals.
- Supplemental Security Income (SSI): This program provides financial assistance to special needs individuals with limited income and resources.
- Housing vouchers: These vouchers can help special needs individuals with the cost of rent or housing.
- Transportation: Helps your loved one get to doctor appointments or run errands
Special Needs Individuals Can Lose Benefits
Many government benefits are available to special needs individuals, but they often come with a means test. A special needs individual cannot have more than a certain amount of assets or income and qualify.
However, that’s where trusts come in.
With money in a special needs trust, the special needs person no longer owns the money and does not need to list it as a personal asset anymore! They can have significant assets in a special needs trust (managed by a named trustee) and still receive government benefits!
Your loved one can lose means-tested government benefits if they receive:
- Significant lump sum inheritance
- A settlement from a lawsuit
- Other large lump sums
The special needs individual still qualifies for government benefits if these disqualifying amounts of money go into a correctly set up special needs trust.
A trust works because your special needs loved one does not technically own the assets in a trust. The trust creates distance so that the special needs person has no legal requirement to report the assets in the trust as their own.
How Can A Special Needs Trust Prepare for the Future?
A special needs trust can help you save for your loved one’s future without jeopardizing their present or future government benefits.
The trustee can use the trust money to pay for enriching items for the special needs person, such as:
- Education
- Vacations
- Hobbies
- Travel
- Additional caregiving not provided by Medicaid
- Other medical services not provided by Medicaid (1)
However, without a trust, a special needs person loses government benefits and must spend their money on what the government should cover: housing, medical, and transportation.
Without a trust, the special needs person does not get to enjoy the extra attention or allowance they may need. A trust gives them something beyond the basics provided by Medicaid and other benefits.
Find the Right Special Needs Trust Attorney Near You
When you have a special needs loved one, it’s essential to think about their future and how a trust can help take care of them after you’re gone. A special needs trust attorney can help you establish a trust that will provide for your loved one’s future.
What are some tips when choosing the right special needs trust attorney? Here are a few things to keep in mind when choosing an attorney:
- Make sure the attorney has experience handling special needs trust cases.
- Try local attorneys first because they may know of extra benefits or programs in your county of residence.
- Ask the attorney about their experience with means testing and government benefits.
- Find out what type of special needs trust they recommend for your situation.
- Get a sense of the attorney’s personality and ensure you feel comfortable working with them.
Special needs trusts must meet specialized requirements and include careful wording to ensure they serve their intended purpose. Find an attorney who can help you outline your trust for a special needs beneficiary and ensure your terms are explicitly clear.
Find someone dedicated to getting it right. Your attorney’s professionalism ensures that your family and special needs loved one will enjoy legal protections for the trust and the rights to its benefits.
We Can Help
If you’re ready to create a special needs trust for your loved one, contact us at Vail Gardner Law. Working with us ensures that your loved one’s rights are protected and that the terms of the trust are explicitly clear.
At Vail Gardner Law, our focus on special needs trusts means we have the experience and knowledge to help you create a trust that meets your unique needs and those of your special needs beneficiary.
Contact us today and let us advise you on the best way to set up a trust and get started providing for your special needs loved one!