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.
In most cases, disabled individuals will receive some form of benefits, most often from SSI or Medicaid. Since disabled people often receive benefits it changes the procedures for leaving them money. Disabled relatives can end up losing out on their lifelong benefits if money is left to them. Creating a special needs helps to ensure your loved ones receive compensation in addition to their benefits.
Legal services can help you to create a special needs trust where your money can be directly sent. Sending money through a trust provides a safe way for your disabled relatives to receive both compensation and benefits. A guardianship lawyer will help to navigate setting up a special needs trust. These professionals have often spent years taking care of these important family matters. No matter what benefits need to be kept you can rest assured that your situation will be handled with the utmost care.
In summary, creating a special needs trust is extremely important, especially if leaving money to a disable family member. In most cases, leaving money to a disabled relative can cause them to lose important benefits. However, creating a special needs trust can help disabled family members to receive money left to them in addition to their benefits. It is wise to have legal help when creating a special needs trust. These professionals will ensure that your money and the future of your family is well taken care of.