If you’re trying to help a loved one with special needs obtain the care they deserve while also protecting their assets, setting up a Special Needs Trust through an experienced attorney can be a huge benefit. A Special Needs Trust (also known as a Supplemental Needs Trust) is a legal instrument that allows someone who is disabled, mentally or physically, to receive a financial benefits while not risking their government benefits.
Helping a loved one in need through a Special Needs Trust can expand the range of assets a beneficiary has access to and allow them to receive a settlement or estate distribution in Trust without jeopardizing their Medicaid, SSI, or Social Security. A Coeur d’Alene Special Needs Trust attorney at Evergreen Elder Law can help you get started setting up a Special Needs Trust today.
Top Reasons People Create a Special Needs Trust
Many government programs that people with special needs rely on have asset restrictions. That means that too many assets can jeopardize a person’s eligibility for programs they depend on. The most important element of a Special Needs Trust is that it can protect the assets of a person with special needs, without risking the loss of their benefits.
Some of the most common reasons why people create Special Needs Trusts include the following:
- To manage the assets of a beneficiary who cannot do it themselves.
- To hold assets such as an inheritance or a personal injury settlement that may have been awarded to a person on disability.
- To protect the assets of someone with a disability who also needs certain medical or government benefits, such as Medicaid.
- For a third party to financially support a beneficiary after their death, and to have control over the allocation of assets.
- To earmark assets to support a disabled person over a duration of time.
A Special Needs Trust can enhance the quality of life of people living with special needs. The Coeur d’Alene special needs planning attorneys at Evergreen Elder Law understand how important it is for you to take care of your loved ones, and we can use our experience in elder law to help you develop a comprehensive plan.
Frequently Asked Questions About Special Needs Planning
Can A Special Needs Person Directly Access the Trust?
Funds from a Special Needs Trust can be used to pay for medication, medical bills, travel, clothing, transportation, and goods and services that can improve quality of life. The special needs beneficiary does not have direct access to the funds, but those funds can directly impact their quality of life.
What Expenses Can’t a Special Needs Trust Pay For?
The special needs trust cannot pay for expenses associated with food or shelter including:
- Utility Bills
- Homeowner or renter insurance
- Property Taxes
- Rent of Mortgage
- Eating out
What are the Two Types of Special Needs Trusts?
Third party trusts are the most common and are established on behalf of a person with a disability by a third party. First party (self-settled) trusts are established with the assets of the disabled individual. An experienced Special Needs Planning attorney can help you determine which is best for your situation.
Do I need an Attorney to Set Up a Special Needs Trust in Coeur d’Alene?
Having an experienced Coeur d’Alene special needs planning attorney on your team can help you protect your loved one’s assets, or an inheritance or settlement without risking their government benefits, such as disability or Medicaid.
Free Webinar Special Needs Planning in Coeur d’Alene
The complexity of establishing a special needs trust can be complicated, especially when considering the difficulty of caring for a loved one with a disability. That’s why our Special Needs Planning attorneys at Evergreen Elder Law offer free consultations over the phone, virtually or in person.
Contact a Coeur d’Alene Special Needs Planning Lawyer Today
If you are receiving any government benefits and anticipate an inheritance call Evergreen Elder Law to obtain help setting up a Special Needs Trust. We help people keep government benefits and still receive an inheritance or settlement. We offer a free one-hour consultation to discuss your options.