An Experienced Salt Lake City Attorney For Special Needs Planning
When someone you love has special needs, estate planning takes on additional urgency – and can have additional complications. A special needs trust may be in order. Special needs trusts offer significant benefits beyond the typical estate planning tools, and they avoid some significant pitfalls.
At the Law Office of Penniann J. Schumann PLLC, we have over 60 years of valuable experience that we leverage for our clients. Our Salt Lake City lawyers offer dedicated legal guidance that can help you protect your loved ones’ futures – even when you are no longer present.
What Is The Main Benefit Of A Special Needs Trust?
If you have a loved one with special needs, the odds are high that they either currently receive or will receive state and federal needs-based benefits that are designed to cover their basic medical and financial expenses, such as Supplemental Security Income (SSI) and Medicaid.
Directly leaving this beneficiary a substantial amount of money could mean they no longer pass the means test for such benefits. They could be declared ineligible for the benefits they rely upon until the money is spent, making your gift to them meaningless.
Special needs trusts, however, are structured in a specific way to negate this problem. The assets in a special needs trust are not directly owned or controlled by the beneficiary, and are used only for expenses that are not covered by their SSI and other benefits.
What Is The Trustee’s Role With A Special Needs Trust?
The trustee must manage the special needs trust appropriately so that the funds supplement any government benefits and improve the beneficiary’s quality of life without affecting their entitlements.
Because this generally requires a thorough understanding of the interaction between government programs and the trust’s disbursements, careful record keeping, strong advocacy for the beneficiary and a significant amount of dedication and time, it is essential to choose the right person. This is not always a family member.
We can help you evaluate your options regarding trustees as you establish your estate plan so that your special needs loved one is protected.
Get The Special Needs Trust Your Loved One Needs
Every special needs beneficiary is different, and every special needs trust needs to be carefully structured. Get the voice of experience on your side.
To learn how to set up a special needs trust and obtain knowledgeable legal guidance, dial 801-839-4891 or use the online contact form to contact our Salt Lake City office to schedule your initial consultation today.