Nicolosi & Associates' Trusts and Estates attorneys provide knowledgeable, personal attention to clients who need to set up a special needs trust for their disabled child. We understand that this tool is especially important for those with a disabled family member who is receiving medical assistance from a government agency, because a financial windfall may serve to disqualify your family member from further government assistance. By creating a special needs trust, you can ensure that your money or other assets will be used for the benefit of your family member without worrying that it will be immediately depleted by the cost of their medical care.
You may have considered simply leaving the assets or funds to a trusted family member that you know will spend the money for the benefit of your disabled family member. Unfortunately, circumstances often change and this person could get married and pass away without making arrangements for the money to go to your family member. Or, they could simply change their mind once you pass away and stop using the money as promised for the benefit of your disabled family member.
A special needs trust must meet certain requirements in order to give your family member the protection it is intended to provide. First, it must be set up as an irrevocable trust. Next, your family member cannot have the power to demand that funds be distributed from the trust at any time. This power must be left solely in the discretion of the trustee. Third, it cannot be set up as a trust for the health and safety of your family member.
Contact ustoday to speak with an experienced trusts & estates attorney.
