Atlanta Special Needs Planning Lawyers
Financial Planning for Your Loved One’s Future
If you have a loved one who has special needs, you are likely concerned about their care after you pass away. At Meyring Law Firm, we provide personal legal counsel to assist you in establishing several types of trusts that allow minors or adults in your family to remain eligible for SSDI disability benefits.
What is a Special Needs Trust?
A special needs trust is a legal understanding that allows physically, mentally or chronically ill individuals to collect income without affecting their Social Security disability benefits or Medicaid.
In this fiduciary relationship, another person acts on the behalf of the disabled person to manage their financials and assets.
A special needs trust is a beneficial strategy to take to help someone in need without risking their benefits.
Types of Special Needs Trusts
The types of trusts that can protect your loved one with special needs include:
- Special Needs Trusts: These trusts are established to supplement the benefits provided through government programs. The trust involves three parties: The donor, who supplies the funds for the trust, the trustee, who administers the funds, and the beneficiary. These trusts are effective as they allow your loved one to continue to gain government-supplied benefits while providing for their needed care when you pass away.
- Supplemental Trusts: These trusts may be established for a disabled child, who may have reached adulthood by the time it is funded. These trusts make it possible for a disabled family member to receive an inheritance, gift, settlement, or other funds without losing eligibility for government programs. The trusts are tailored in a manner so that the funds are not owned by the beneficiary.
- Survivors Trusts: This type of trust is often called an A-B trust. Funds in the trust hold community property. The title of the trust is transferred at the death of one party to the named survivor. The trust may be crafted with a “bypass trust,” with a portion of the funds transferred to another trust. These trusts are customized to match the individual needs of the family.
- Legacy Trusts: These are irrevocable trusts that allow you to protect your assets for future generations, without losing the ability to use the funds for emergencies. Also called a “dynasty trust,” these trusts can be used to manage assets for a person who is unable to on their own.
Benefits of a Special Needs Trust
A special needs trust was established to protect financial assets for their disabled beneficiary. Special needs trusts can be created with an estate plan when the loved ones provide assets or life insurance benefits for someone with special needs. There are various benefits that come with setting up a special needs trust, some of which include:
Distinguishing assets for support during your life or at your death
Putting a trustee in place
Maintaining a disabled person’s government aid
Protecting assets from creditors or providing assets in divorce
Preserving family’s wealth
If any of the above situations apply to your family, you may want to consider establishing a special needs trust. Or, you can implement the trust into your estate plan. The Atlanta special needs planning attorneys at Meyring Law Firm are here to help guide you the process and make sure a unique plan that meets your needs is set up. Call us today for a consultation.
Government Benefits & Special Needs Planning
If you have a loved one with special needs, it’s crucial you establish the right type of trust to ensure they are cared for without losing crucial benefits provided by the government. At the Meyring Law Firm in Atlanta, our estate planning attorneys can assist to establish a trust that matches the needs of your loved one, and your family.