A trust is a legal mechanism for transferring ownership of assets from one person (settler) to another (trustee) with an agreement that the assets will be used or distributed according to the directions of the settler for the benefit of another person (beneficiary). Trusts may be created by a person’s Will to take effect upon that person’s death, or created during one’s lifetime by establishing a Trust Agreement. A special needs trust (Supplemental Needs Trust in New York) can be created in the same ways to manage certain assets of an individual with disabilities so that these assets do not interfere with the individual's eligibility for state and federal assistance programs, such as SSI or Medicaid. For families of individuals with disabilities, creating a special needs trust can be an important way to provide for the financial future of a loved one whose disability prevents him or her from working or managing finances.
The estate planning attorneys of KSLN have worked for years with families of individuals with disabilities and understand your concerns about your loved one’s personal and financial well-being. Our legal experience working in disabilities law make us an excellent choice for creating a special needs trust for your loved one with a disability.
Providing for the Future
For parents of individuals with developmental disabilities or other disabilities who are eligible for government benefits (i.e. SSI or Medicaid), creating a trust can provide peace of mind in knowing that their children will be financially protected. It is also comforting to know that someone trustworthy, the trustee, will look after your child when you cannot. Even young parents should be aware of the need for this sort of arrangement.
Trusts are quite flexible and can be customized to suit the needs, abilities, and limitations of loved ones with disabilities. Our trust planning attorneys will help you create a viable trust that will provide for your loved one exactly as you direct.
Paying It Forward
Trusts can also be a mechanism for charitable giving. There are many organizations and charities that serve individuals with disabilities. In raising a child with disabilities, parents often benefit from these not-for-profit organizations, which in turn are funded by the generosity of others. In your end-of-life planning, KSLN can help you set up a trust that will help other families of persons with disabilities.
To learn more about KSLN, and how we can help you, please contact us today for a free initial consultation.