Do you have a family member with disabilities who is unlikely to be able to support themselves in the future? A Special Needs Trust (SNT) may be an important tool for your estate plan. Special Needs Trusts are trusts designed for individuals with disabilities.
The trust is created to provide your loved one with access to assets for their care via the Trust, without disqualifying them for public assistance benefits. Special Needs Trusts also serve to preserve assets from a legal settlement or inheritance for an individual who is already receiving government benefits like Mainecare, Medicaid, Supplemental Security Income, and other welfare-based programs.
The rules to qualify as a Special Needs Trust are specific and require careful drafting. If one of the beneficiaries you are naming in your will has a disability, we can create a will with an SNT. Providing that their share will be set aside in the Trust to be used for their benefit without disrupting benefits they are otherwise entitled to receive now or in the future.
Special consideration must be given to the selection of a Trustee. They must maintain strict compliance with the administration of the assets held in an SNT. These are extremely beneficial tools when used in the right circumstances.
We have been utilizing Special Needs Trusts in estate planning for decades. Let us help you decide if one is right for your family. Contact us for a consultation today.