One of the best ways to support your family member with special needs is to set up a trust. Gudeman & Associates P.C. offers estate planning and family law services to craft personalized financial plans for families of people with special needs. Government benefits are not always enough to maintain a high quality of life, and our Royal Oak, MI special needs trust lawyer will walk you through all your options to ensure your loved one is financially secure. Call now to schedule a free consultation and learn which trust option is right for you and your family.
Working with a Special Needs Trust Lawyer
Trusts provide funds to beneficiaries based on a schedule you establish. There are several benefits to establishing a trust, such as:
- Avoiding probate court
- Minimizing taxation
- Opportunities to invest and grow trust funds
- Supplement income from government assistance like Medicaid
Our special needs trust lawyer will explain the conditions you can assign to the trust and how to set it up so payments do not affect your loved one’s ability to collect disability benefits, Supplemental Security Income, or Medicaid. Someone with special needs can be a beneficiary in a trust and get government assistance, but there are limits to how the trust money can be spent and how much they can receive. We will help you structure the trust in a way that is optimal for the unique circumstances of your family.
Organizing a Special Needs Trust
There are several aspects to consider when setting up a special needs trust. First, you will need to decide who is going to be the trustee or the person who manages the trust. Some people choose to appoint family members, while others feel more comfortable paying an impartial third party. The cost of using a legal trustee comes out of the trust fund, so there are financial advantages to choosing a loved one who agrees to take on the responsibility.
Next, you need to decide when and how the assets are distributed. Selecting care options now can help structure where the benefits will go. For example, if you want your family member with special needs to have an in-home caregiver instead of living at a residential facility, you may include a provision in the trust that funds are to be used for private healthcare costs. Our Royal Oak special needs trust lawyer will explain any restrictions or implications for each rule so you can make informed decisions.
Many families include a special needs trust in their estate plan. Trusts are much more beneficial than wills if you have a family member with special needs because you control how the trust funds are used. Wills dictate bulk inheritances, and it is up to the heir to decide how to use the money. As a result, including a loved one with special needs in a will is not effective in providing a lifetime of financial support and could make them vulnerable.
Leaving a legacy to loved ones with special needs requires additional planning. Gudeman & Associates P.C. recommends setting up a trust so you can get peace of mind knowing they will be taken care of after you are gone. If you want to secure the financial future of your family, contact our Royal Oak special needs trust lawyer now. We have over 100 years of combined experience and offer free consultations. Call today and prepare for the foreseeable and unforeseeable future with our comprehensive estate planning services.
