Special Needs Trusts: Find Out Why They Are Beneficial
Special needs trusts or supplemental trusts help beneficiaries by providing funding for enhancements like making a home accessible, nicer clothes, essential care, resources for hobbies, computers, vacations and entertainment. If you are the parent, grandparent or guardian of a person with special needs, you can establish a special needs trust.
It is vital to make sure that collecting money from these trusts does not remove eligibility for government benefits such as Social Security Disability Insurance, Supplemental Security Income or Medicaid. Government assistance for essentials such as medical assistance and a home is typically need-based, which is why it is important to have an attorney develop one of these unique trusts that does not exceed the asset limit. Please call J. Kevin Tharpe, P.C., at 866-253-6994 to make an appointment with a northeast Georgia special needs trust lawyer.
Special Needs And Supplemental Trusts
Special needs trusts can be created for disabled or mentally incapacitated people under age 65. Some of the most common conditions that require special care include autism, Down syndrome, cerebral palsy, multiple sclerosis, traumatic brain injuries, and Alzheimer’s and dementia. These trusts will provide supplemental and extra care over and above that which the government provides. They can be established by a parent, grandparent, guardian or the court.
We can help you establish a trust and choose an appropriate trustee to manage the funds for the beneficiary. Attorney J. Kevin Tharpe has the experience to structure the trust so the beneficiary receives the funds while remaining eligible for government benefits. Whether a third-party trust or self-settled trust is necessary, you can rely on Kevin’s extensive knowledge of special needs planning.