Special Needs Trusts: Securing the Future for Your Loved One with Disabilities
Caring for a loved one with disabilities often means thinking ahead—far beyond the present day. How will they be supported financially? Who will ensure their needs are met if you’re no longer able to? A special needs trust (SNT) is a vital tool that can answer these questions and provide the security your loved one deserves.
What is a Special Needs Trust?
A special needs trust is a legal arrangement that allows you to set aside assets for a person with disabilities while preserving their eligibility for government benefits like Medicaid and Supplemental Security Income (SSI). These trusts ensure that funds are used to improve the individual’s quality of life without jeopardizing critical assistance.
How Can a Special Needs Trust Help?
Protects Government Benefits
Programs like SSI and Medicaid have strict income and asset limits. Funds held in an SNT are not counted as personal assets, ensuring uninterrupted access to essential benefits.
Provides Financial Security
A well-funded SNT can cover expenses that government programs don’t, such as medical treatments, therapies, personal care, education, and recreational activities.
Offers Long-Term Support
By designating a trusted individual or professional as the trustee, you ensure that your loved one’s funds are managed responsibly and used exclusively for their benefit.
Ensures Peace of Mind
An SNT gives you confidence that your loved one will be cared for financially, even if you’re no longer there to provide support.
Types of Special Needs Trusts
There are several types of SNTs to consider based on your family’s situation:
First-Party Trust: Funded with the individual’s own assets, often from a personal injury settlement or inheritance.
Third-Party Trust: Created and funded by family members or loved ones as part of their estate plan.
Pooled Trust: Managed by a nonprofit organization, where assets are pooled for investment purposes but used for each individual’s specific needs.
How Our Firm Can Help
At Joerika Stitt Esquire, LLC, we specialize in creating customized special needs estate plans that provide security and peace of mind. Our unique approach combines legal expertise, a social work foundation, and a deep understanding of public benefits to craft solutions that truly work for your family.
Here’s how we can assist:
Drafting and funding special needs trusts tailored to your loved one’s needs.
Navigating the complexities of SSI, Medicaid, and other benefit programs.
Assisting with guardianships or other decision-making frameworks.
Creating Letters of Intent to guide future caregivers in understanding your loved one’s preferences and care requirements.
Providing ongoing support through periodic reviews and updates to ensure your plan evolves with your family’s circumstances.
Take the First Step
Secure your loved one’s future today. Schedule a consultation with our experienced estate planning attorney to discuss how a special needs trust can bring peace of mind and long-term security to your family.