Norcross Special Needs Trusts Lawyer
Protecting Your Loved Ones and Ensuring Financial Security for Individuals with Disabilities
Planning for the future of a loved one with special needs requires careful consideration. A special needs trust (SNT) is a crucial estate planning tool that allows you to provide financial support for a disabled individual while preserving their eligibility for government benefits such as Supplemental Security Income (SSI) and Medicaid. At Bowman Law Firm, our Norcross special needs trust lawyer helps families establish and manage special needs trusts to ensure long-term financial security and peace of mind. Contact us today to learn more about the important role an SNT can play in your estate plan.
What Is a Special Needs Trust?
A special needs trust is a legal arrangement designed to hold and manage assets for the benefit of an individual with a disability without jeopardizing their eligibility for essential government programs. Funds in the trust can be used to enhance the individual’s quality of life by covering expenses not paid for by public benefits, such as:
- Medical treatments and therapies not covered by Medicaid
- Education and vocational training
- Recreational and cultural experiences
- Transportation and travel costs
- Personal care attendants and specialized equipment
By setting up a properly structured special needs trust, you can ensure that your loved one is cared for without compromising the benefits they rely on.
Types of Special Needs Trusts
There are different types of special needs trusts, each serving specific purposes depending on the funding source and beneficiary’s situation:
First-Party Special Needs Trust
A first-party SNT is funded with assets that belong to the individual with special needs, such as an inheritance, legal settlement, or personal savings. This type of trust must comply with federal and state Medicaid payback provisions, meaning that upon the beneficiary’s death, any remaining funds may be used to reimburse Medicaid expenses.
Third-Party Special Needs Trust
A third-party SNT is funded with assets belonging to someone other than the beneficiary, such as parents or grandparents. These trusts are often established as part of an estate plan and do not require Medicaid payback, allowing any remaining funds to be distributed to other beneficiaries upon the disabled individual’s passing.
Pooled Special Needs Trust
A pooled trust is managed by a non-profit organization and allows multiple beneficiaries to contribute their assets into a collective trust while maintaining separate accounts. This can be a cost-effective option for families who want professional management of trust funds while still preserving benefit eligibility.
Benefits of a Special Needs Trust
Creating a special needs trust provides several advantages, including:
- Preserving Government Benefits: Ensures eligibility for essential programs like SSI and Medicaid.
- Providing Long-Term Care: Funds can be used for medical expenses, personal care, and quality-of-life enhancements.
- Asset Protection: Shields assets from creditors and mismanagement.
- Professional Management: Trustees can oversee and distribute funds responsibly.
- Peace of Mind: Ensures financial security and stability for your loved one’s future.
How Bowman Law Firm Can Help
At Bowman Law Firm, we understand the complexities of special needs planning and are dedicated to helping families secure their loved ones’ futures. Our services include drafting and customizing special needs trusts to fit your family’s unique situation, advising on trust funding options and asset protection strategies, assisting trustees in managing and administering trust assets, and coordinating with financial planners and care professionals to ensure comprehensive support.
Attorney Shireen Hormozdi Bowman has been practicing law since 2003 and is committed to providing compassionate and knowledgeable legal guidance. We take the time to understand your family’s needs and develop tailored solutions that offer lasting security.
Take the Next Step and Contact Bowman Law Firm Today
A special needs trust is an essential tool for safeguarding the well-being of a loved one with disabilities. Whether you are planning for a child’s future or managing assets for a disabled adult, we are here to help. Contact a Norcross special needs trust lawyer at Bowman Law Firm today for a free consultation and take an important step in ensuring long-term financial protection for your loved one.