Are you taking care of a loved one with special needs and trying your best to protect their assets? Are you worried that they could lose important government benefits, such as Medicaid or disability income? Setting up a Special Needs Trust through an experienced Tri Cities special needs planning attorney could have many financial benefits for you and the trust’s beneficiary.
A Special Needs Trust is a specialized trust that enables a special needs beneficiary to maintain access to assets and property that is held in the Trust, while not risking the loss of their government benefits. For more information on how to set up a Special Needs Trust, contact a Tri Cities special needs attorney today at Evergreen Elder Law.
Why You Should Consider a Special Needs Trust:
There are numerous reasons to consider creating a Special Needs Trust, and having an experienced special needs planning attorney on your team can ensure success.
Listed below are some of the most common reasons people create Special Needs Trusts for their loved ones:
- To manage a special needs person’s assets.
- To protect the assets of a beneficiary with special needs without jeopardizing the loss of their government benefits, such as Medicaid and Medicare.
- To hold and protect a personal injury settlement or inheritance that was awarded to a person with special needs.
- To plan for the death of a person who’s caring for a special needs person, and the future allocation of assets.
- To care for a special needs person over a length of time by earmarking assets.
Planning for your financial future can be overwhelming, especially when it involves taking care of a person with disabilities or special needs. At Evergreen Elder Law, our Tri Cities special needs attorneys understand how to navigate the law and create a Special Needs Trust that works for you and your loved one.
Frequently Asked Questions About Special Needs Planning in Kennewick, Pasco & Richland
Individuals caring for people with special needs often have questions about how to set up a Special Needs Trust. While speaking with a knowledgeable Tri Cities special needs planning lawyer is the best way to answer your questions, here are a few frequently asked questions about Special Needs Trusts:
Who Can Establish a Special Needs Trust in Eastern Washington?
Anyone can establish a special needs trust for the benefit of another. Most families will want to do so under the direction of an attorney in order to properly handle the related tax and estate planning details. Special needs trusts have a variety of important uses and can be an effective planning tool for families who want to ensure a person with disabilities is taken care of in the future.
What are the Two Types of Special Needs Trusts?
There are two types of Special Needs Trust—first-party (self-settled) and third-party trusts. Third-party trusts, which are established by a third-party on behalf of a beneficiary with special needs, are the most common. First-party trusts, which are created using the assets of the special needs person, are less common.
Can A Special Needs Person Directly Access the Trust?
The special needs beneficiary cannot directly access the Special Needs Trust funds. The funds can be used to pay vendors directly for services such as personal care attendants, medication, physical therapy, vehicles, transportation, travel, clothing, education, medical or dental bills. This type of trust is an excellent tool to increase a person’s quality of life.
Do I Need an Attorney to Set Up a Special Needs Trust in Tri Cities?
Setting up a Special Needs Trust in Kennewick can be a time-consuming process. Having a special needs planning lawyer on your side will ensure you avoid mistakes and help you protect the assets of the special needs person you’re trying to care for.
Free Webinar About Special Needs Planning in Eastern Washington
At Evergreen Elder Law, we understand caring for your special needs loved one and how important it is to protect assets. That’s why we take great pride in helping our clients plan and set up Special Needs Trusts in Washington.
For more information about Special Needs Trusts and how they can help, we provide free consultations virtually, over the phone, and in person. Furthermore, we offer a webinar available free online so that you can become more familiar with Special Needs Trusts.
Speak With a Tri Cities Special Needs Planning Lawyer Today
At Evergreen Elder Law, we have years of experience helping clients in Tri Cities, WA care for and protect their loved ones through Special Needs Trusts. If you’re taking care of someone with special needs and want to ensure they keep their government benefits while maintaining access to other assets, contact a Kennewick special needs planning attorney today at (509) 325-5222 for a free one-hour consultation.