Establish financial support of a special needs loved one.
Special needs trusts are legal arrangements that allow a physically or mentally disabled person to receive income without compromising their eligibility for public assistance disability benefits provided by state and federal programs. These trusts also establish a fiduciary relationship, giving another person the legal authority to act on behalf of the special needs individual to manage their assets.
At Vail Gardner Law, I recommend special needs trusts for those who want to help a special needs loved one without risking their eligibility for needed programs. Whenever you put money or assets into a special needs trust, the beneficiary is assured that this funding will be used for its specified purpose. For example, as a parent, you might put assets into a special needs trust to provide for a disabled child, instead of leaving them to another family member.
Special needs trusts must meet specialized requirements and include careful wording to ensure they serve their intended purpose. I can help you outline your trust for a special needs beneficiary and ensure your terms are explicitly clear. There is no doubt that I am dedicated to client service, and I will ensure your family and special needs loved one are protected with the creation of this type of trust.
I help families and individuals in Durham, North Carolina plan for the future and protect their loved ones with special needs trusts and other estate planning documents. Connect with my law firm today to find out more about this type of trust or to set up an initial estate planning consultation with me.