Archive for April 24, 2017

When is a Special Needs Trust Needed?

Written by Law Terminology. Posted in Federal income tax law, Medicaid lawyer, Real estate closings

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If you have a family member living with a disability, you likely know the struggles they face. It is common that someone would want to leave money to a disabled family member. However, there are certain criteria that you will want to be met when establishing this sort of trust. An attorney can ensure that your disabled family member receives the compensation they need after you are gone. It is recommended that if you are earning six figures or more that you have a trust in combination with a will. Combining a will and trust ensures taxes are minimized. A special needs trust helps to ensure those close to you are protected after you’re gone.

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