A special needs trust is a crucial tool for people with disabilities for two main reasons. First, the benefit of creating this type of account is to allow a person with special needs to receive Supplemental Security Income (SSI) and Medicaid. Secondly, a special needs trust pays for items or services such as transportation, clothing, entertainment, and unreimbursed medical expenses. By allowing your child to receive important government benefits and supplementing the additional income required to achieve a good quality of life, special needs trusts play such an important part in financial planning for families with special needs children. As such, receiving knowledgeable representation is key to securing your child’s financial future. Antonoplos & Associates is here to guide you through any issues associated with special needs trusts in DC, Maryland, and Virginia.
Self-funded Trusts for Personal Injury Settlements and Other Asset Transfers
While many special needs trusts are created for children born with disabilities, self-funded trusts are a great way to ensure your own financial future if you were injured on the job or in some other way. In situations like these, you can shift your assets to a special needs trust while preserving your eligibility for government programs. This is important as once you establish the account, you will be able to place damages you receive from your personal injury lawsuit into this account as well. Our personal injury attorneys have decades of experience winning personal injury lawsuits and can also create terms so that any damages you receive will be deposited directly into your self-funded trust.
Third-Party Trust for Estate Planning
Even a small inheritance could jeopardize your child’s eligibility for SSI or Medicaid. Our estate planning lawyers have assisted thousands of clients in creating third party special needs trusts. As such, have the expertise required to help you establish an account that will meet your needs and goals. These trusts are vital to your child’s financial success. They will allow them to have a comfortable lifestyle while enjoying the financial security associated with government assistance.
Additional Benefits to Special Needs Trusts
The main reasons for setting up a special needs trust have been outlined, there are a few more benefits associated with the third party funded trusts:
- Choosing a Trustee. Creating any type of trust requires that you name a trustee to the account. This person will manage investments and the distribution of assets. For someone with special needs, a trustee plays a key role in watching over the assets and spending habits of the beneficiary. Because a trustee will be important to make sure the assets within the account last as long as possible, make sure that you name an initial trustee and a successor trustee. This protects your assets in case the initial trustee would ever become unavailable to watch over the account.
- Designating Assets and Providing Support After Death. Another benefit of a special needs trust is that you can choose exactly how some of the assets are spent. For example, you could specify that you want a certain amount of dollars spent per year on new furniture. Or, you could request vacations or other amenities geared towards improving the overall quality of life. Creating these types of clauses when you first fund the trust is important. It will allow you to ensure that your child will receive the care you desire after you pass away. Finally, a special needs trust provides many benefits. However, one of the most important is that your child will continue to receive care after you die.
- Protecting Assets from Creditors. One final benefit to establishing a special needs trust is that you are able to protect your child’s assets from creditors. Creditors cannot take assets in a special needs trust to pay compensatory damages. This is especially important if your child were ever sued.
Contact Our DC Law Office for More Information
For more than 20 years, Antonoplos & Associates has practiced estate planning with a focus on special needs trusts. Finally, we represent clients throughout DC, Maryland, and Virginia.
For more information on special needs trusts in DC, Maryland, and Virginia, contact us at 202-803-5676. You can also directly schedule a consultation with one of our skilled attorneys.