Special Needs Trust
Special needs trusts are tools that allow a person to leave assets with an individual with special needs. Because a person with special needs receives government benefits, inheriting money would disqualify them from the benefits they desperately need. Establishing a special needs trust protects the special needs beneficiary from losing their benefits while also giving them money from the trust to help them pay for other needs.
Examples of benefits that are protected include Medicare and Medicaid, SSI, and Social Security. A special needs trust can be set up by a parent, grandparent, or the court.
Establishing A Solid Minnesota Special Needs Trust
Gross Law Firm provides you with legal services that cover every aspect of a special needs trust. These services include:
- Drafting the special needs trust
- Administration of the special needs trust
- Litigation regarding special needs trusts
- Defense of challenges to the trust
- Preparation of state and federal state income tax returns
- Preparation of accountings for special needs trusts established by the court
You will receive the advice and advocacy that you need when dealing with special needs trust matters. This isn’t a process you have to carry out on your own. What you need is a well-structured trust that protects your interests and those of your loved one.
Presenting You With The Right Options
Another option is a supplemental needs trust. This type of trust also ensures that a special needs individual still qualifies for public benefits. The money can come from anyone except the person receiving benefits. However, the beneficiary must be certified disabled before the trust is established. As with any trust, you can designate a trustee to distribute the assets of the trust according to your wishes so that you can ensure your loved one is taken care of. The trustee should be someone you trust to manage the affairs of the trust.
You don’t have to be wealthy to establish a special needs or supplemental needs trust; all you need are assets that you want properly distributed after your death. If you haven’t yet established a trust, now is a good time to talk to Mr. Gross about what you want.
Minneapolis & St. Paul Estate Planning Lawyer
If you have a loved one with special needs, it’s important to set up a special needs trust to protect your assets and their benefits to learn more about how Gross Law Firm can help you, call 612-245-4749 today.