Atlanta Special Needs Planning Lawyers
Financial Planning for Your Loved One’s Future
If you have a loved one with special needs, you're likely concerned about their care after you pass away. At Meyring Law Firm, we provide legal counsel to assist 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. Funds are not owned by the beneficiary.
- Survivors Trusts: This 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 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:
- 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 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.
Call (678) 257-3332 today to schedule a private evaluation!
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Robert S. Meyring AttorneyRobert S. Meyring is the managing attorney of Meyring Law Firm (established 2007). Before law school, he worked as an FDA investigator, was a Peace Corps volunteer high school science teacher in Tonga, South Pacific, and was the owner/operator of a residential landscape firm.View Profile
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An individual can write his own will in Georgia but must follow certain statutory rules laid out in order to ensure the will is deemed valid by a probate court.
People hire a probate attorney because the benefits of having an attorney outweigh the costs of time and effort. Mainly people hire a probate attorney to save time and energy, reduce their worries, and navigate the probate process with a professional. So no, you do not need a lawyer to probate a will, if it is worth the time and effort to do it yourself.
Executor is the person named in the last will and testament that's appointed by the probate court to administer the estate of the decedent according to the will.
In Georgia, there is a legal mandate for the holder of a will to submit it to the court for probate per O.C.G.A. § 53-5-5. If a will is not filed with the court, any heir or beneficiary can petition the court to direct the will holder to file the will with the proper court. Wills are meant to be public documents once the grantor has passed away. Sometimes if a will is not filed with the court, beneficiaries and heirs cannot take legal possession of assets specified in the Last Will and Testament.