Estate Planning

If you have a disabled family member, the establishment of a special needs plan is essential. Without proper special needs planning, transferred assets, inheritances or gifts could render your disabled loved one ineligible for government benefits. Our attorneys can work with you to develop and establish a special needs trust or other asset protection plan.

SPECIAL NEEDS TRUST

Our attorneys can assist in establishing a special needs trust to provide funds to a disabled beneficiary without disqualifying him or her from government assistance through federal and state programs such as Medicare, Medicaid and Social Security Disability. The assets are transferred to the Trust at the time it is created, during the lifetime of the Settlor who created and funded the Trust, or by the Settlor’s will at the Settlor’s death.

In order for the trust to qualify as a special needs trust, the beneficiary must not have any right to the income or principal from the trust without the approval of the Trustee. In turn, the Trustee is forbidden under the terms of the trust to distribute funds if the disbursal would disqualify the beneficiary from receiving government assistance.

Special needs trusts are intended to enrich the disabled person’s life by funding the purchase of quality of life and luxury items that are excluded, not permitted or not covered by the government program. Special needs trusts may provide funds for housing, education, certain medical procedures, recreational activities and travel.

For knowledgeable and diligent legal assistance, contact the attorneys at Shadrix & Parmer, P.C. To contact us, call 770-830-0809.