Special Needs Trusts
The special needs trust is designed to benefit those who cannot care for themselves, whether they be special needs children or adults, or an elderly person. When used properly, a special needs trust can be very helpful, and can even prevent loss of assets. A special needs trust lawyer in College Station can help you determine whether this type of trust is appropriate for your loved one's needs.
A special needs trust lawyer in College Station Explains the Trust
The special needs trust was established with the needs of individuals who are confined in facilities in mind. The trust enables the beneficiary to use assets without the loss of Medicaid and other benefits. Generally, in order to qualify for government aid in the form of Medicaid of SSI an applicant needs to show that he has limited assets. Without a special needs trust, the assets belonging to an elderly person or individual in a facility would need to be depleted before the program would kick in.
A special needs trust lawyer in College Station on the Role of the Trustee
When a special needs trust is set up a trustee is named. This person is responsible for the assets placed in trust, and therefore must be someone who is above reproach. The trustee can use the assets to benefit the special needs individual within certain parameters. It is advisable that a special needs trust lawyer in College Station be consulted to ensure that assets are used appropriately.
The special needs trust in essence removes ownership of the assets from the individual seeking financial assistance. This can help prevent loss of assets that were procured over a lifetime of saving that were meant ultimately for heirs.
There are actually two types of special needs trusts: self-settled trusts and third-party trusts. The self-settled trust allows for Medicaid to be paid to the beneficiary until either he recovers or passes. Assets from the trust then are used to pay back money to the state. A special needs trust lawyer in College Station will assess whether the self-settled trust is appropriate for the needs and desires of the beneficiary, but as should be evident, there is a distinct downside. Many individuals opt for the third party trust. This trust is established by a third party, rather than the beneficiary, but no payback to the state is ultimately required; hence, the assets in it can be left to heirs.
Call a special needs trust lawyer in College Station for Legal Assistance
If you need assistance with setting up a special needs trust, or have another estate law concern, a special needs trust lawyer in College Station at Peterson Law Group will be more than happy to speak with you. We provide the highest standard of legal representation. Call to arrange a consultation today at 979-703-7014.