Special Needs Trusts
Special Needs Trust Lawyer
Ensuring Your Loved Ones Have the Care they Need, No Matter What
Caring for a disabled loved one is a full-time job, and many people want to ensure the care continues should something happen to them. However, while leaving them an inheritance may provide them with the resources they need to continue to live comfortably and receive the attention they need, the sudden financial windfall can actually eliminate their eligibility to receive federal assistance through the Social Security or Medicaid programs. However, there is a solution to this problem: the special needs trust.
The Philadelphia special needs trust lawyer at Chestnut Hill Legal understands how important caring for your loved ones is, especially those who struggle to or are incapable of caring for themselves. Our team provides compassionate and empathetic probate and estate planning legal counsel that puts the law to work protecting your estate and making sure your best interests are adhered to, regardless of what your future may bring. We have the knowledge and skill needed to set up special needs trust that will not only help your loved one get the care they need but do so in a way that won’t compromise their other sources of income.
How a Special Needs Trust Works
A special needs trust is an arrangement in which a trustor leaves assets (usually money) in a trust, and then names a beneficiary who is disabled or needs special care and is eligible to receive financial assistance through Social Security or Medicaid benefits. However, unlike other trusts, a special needs trust also requires that the trustor name an independent, third-party trustee who is responsible for the money left in the trust. That person then spends the money on behalf of the beneficiary. Since the beneficiary does not have any control over the funds in the trust, they are ignored when determining eligibility for these social programs.
A special needs trust often helps loved ones pay for things like:
- Additional medical expenses
- Personal care attendants
- Home furnishings
- Vehicles or transportation
Because creating a special needs trust requires following a number of rules that can quickly become overwhelming, it’s strongly advised you speak with a Philadelphia special needs trust attorney about your wishes so you can create a trust that ensures continued eligibility while also allowing them to receive the money you intend for them.
Contact Chestnut Hill Legal today by dialing (610) 991-7986 for a free case evaluation!