What Is A Special Needs Trust?
While similar to most types of trusts, a special needs trust differs in the purpose of its creation. For example, if you have a loved one who is physically or mentally disabled, a special needs trust can ensure that they are taken care of should something happen to you. A special needs trust is typically managed by a trustee who can either be a designated family member or a third party.
To learn more about special needs trust and how I can help you protect your vulnerable loved ones, reach out to Herman Law Firm, LLC. Call 770-609-4468 to schedule a consultation with me at my Roswell office today.
Benefits Of A Special Needs Trust Vs. A Will
While you could choose to leave money to your disabled loved one via a will, that method may affect their eligibility for government assistance in the future. Instead, you can opt for a special needs trust, which allows you to circumnavigate issues such as these:
- Your disabled family member could face denial of Social Security income or Medicaid due to an inheritance.
- Your loved one may not have the mental capacity to manage his or her own finances.
- Your loved one’s inheritance may not cover every aspect of their care.
Even if you do not know whether your loved one will need the help of government benefits in the future, a special needs trust fund can address their unique circumstances in ways that other types of trusts or a will cannot accomplish.
In What Ways Can An Attorney Help?
It’s not uncommon for people to attempt to create special needs trusts without the assistance of an attorney. However, when it comes to safeguarding your loved one’s future, involving a lawyer can help ensure that the proper steps are taken. This is especially true when dealing with funds that already belong to your beneficiary.
In these types of situations, you should retain an experienced attorney, as the cases will usually involve complex laws that are specific to the state of Georgia. Send me an email or call me at 770-609-4468 to see how I can help you set up a special needs trust today.