Special Needs Trusts
A special needs trust is designed to make sure someone with a disability receives their inheritance and still remain eligible for government assistance programs, like Supplemental Security Income (SSI), Medicaid, and other medical care and daily living benefits. It doesn’t replace a basic support trust.
The attorneys at Loberg Law Office, LLP are experienced with this type of trust, along with other components of legal planning. Let our family help secure your family’s future today.
Secure Additional Financial Support
Parents of children with a physical or mental disability may consider setting up a special needs trust for them. You may also consider creating this type of trust if you want an individual with disabilities to inherit property from you. This way, the trustee has full control over the fund, and doesn’t affect the beneficiary’s eligibility for disability benefits.
A special needs trust must explicitly state its intention of providing supplemental and extra care on top of what the government provides. Also, transferring ownership of a lump sum of money may disqualify your trustee from receiving government assistance. It’s best to ask your attorney for legal advice before creating a special needs trust.
Choose someone you can comfortably and confidently rely on for the following duties:
- Wisely manage the trust fund
- Spend assets for the beneficiary
- Keep a meticulous record of expenditures
- Prepare reports and ensuring eligibility for SSI and Medicaid
- Use the trust to meet the beneficiary’s needs outside of their government benefits
The fund can pay for a wide range of goods and services including education, recreation, physical rehabilitation, personal care attendants, and out-of-pocket medical and dental expenditures.
Let Us Help You Protect Your Loved Ones
Our Wisconsin law firm may suggest creating a special needs trust for the benefit of loved ones with disabilities. The trust is designed with their specific needs and lifestyle in mind. In addition to drafting a comprehensive trust, we make sure your beneficiary has no problem receiving government benefits.
Contact us today for inquiries about estate and legacy planning for your family.