As someone with a loved one, such as a child, who has special needs, your number one priority is protecting their well-being. One of the most important steps you can take to accomplish this is creating a special needs trust with a knowledgeable Arkansas special needs planning lawyer. Continue reading and contact the Knapp Law Firm today to learn more about special needs planning and how we can assist you.
Do I Need a Special Needs Planning Lawyer?
When it comes to including a loved one, such as your child, in your estate plan, it’s paramount that you have an experienced Fayetteville, Arkansas estate planning lawyer in your corner. Your loved one’s ability to inherit your assets while continuing to receive the benefits and resources he or she needs is crucial, and a seasoned attorney can help you accomplish this.
What is a Special Needs Trust?
The main feature of special needs planning is creating what’s known as a special needs trust. There are two types of special needs trusts (general support special needs trusts and supplemental care special needs trusts), and though they work differently, their primary function is the same–ensuring an individual with special needs has the resources they need for a better quality of life.
When you create a special needs trust, you’re setting money and/or other assets aside for the future use of a beneficiary. You can set the terms of the trust, such as who you want the money to go to and at what rate, and you will then appoint a trustee (a third party, such as a spouse or another close relative) to manage the trust and ensure its terms are followed on behalf of its beneficiary.
General Support Special Needs Trusts Vs. Supplemental Care Special Needs Trusts
Before you move forward with the process, you should understand the difference between the two types of special needs trusts and hire a lawyer who has experience creating these trusts on behalf of clients. A general support special needs trust is, essentially, for individuals who have the financial means to cover the entire cost of the benefits a disabled individual needs to maintain their standard of living.
On the other hand, if your loved one requires access to need-based government programs, such as Supplemental Security Income, Medicaid, or another program that will cover the majority of a disabled person’s needs, then you will most likely create a supplemental care special needs trust.
Contact a Special Needs Planning Lawyer
Just as your loved one is your number one priority, once you are our client, they will become our number one priority as well. Contact the Knapp Law Firm today so we can help you explore your options and ensure your loved one has access to the resources he or she needs to retain their quality of life.