Special
Needs Trusts
Special
needs trusts allow a disabled beneficiary to receive
gifts, lawsuit settlements, or other funds without
losing eligibility for certain government programs.
Such trusts are drafted so that the funds will not
be considered to belong to the beneficiary in determining
eligibility for public benefits.
Special
needs trusts are designed to pay for items or services
that are not covered by public funds. If the trust
is sufficiently funded, the disabled person can also
receive spending money to use for quality-of-life
enhancing expenses.
Special
needs trusts are frequently created by a parent or
other family member for a child with special needs,
even though the child may be an adult by the time
the trust is created or funded. Such trusts can also
be set up in a will as a way for an individual to
leave assets to a disabled relative.
Sometimes,
a disabled individual can create the trust himself.
"Self-settled" trusts are frequently established
by individuals who become disabled as the result of
an accident or medical malpractice and later receive
the proceeds of a personal injury award or settlement.
Attorneys
at Hinkle, Fingles & Prior have years of experience
helping families and individuals plan and develop
special needs trusts to protect assets and improve
the quality of life and care of their loved ones.
Call
today to learn more.
See
our Questions page for more about special needs trusts.
