A special needs trust allows a parent or guardian to plan for the future care of a loved one. Your child, sibling, or relative may have additional care needs requiring that you set aside money for health care, housing and daily living. A special needs trust allows you to subsidize these needs and support your loved one for the duration of their life. At Caviness Law Firm, PLLC, I have significant experience helping clients develop tailored estate plans to address their family's future needs.
A special needs trust allows you to make planning decisions now that protect your loved ones into the future. Contact us to learn more about your estate planning options.
Estate planning is not "one-size-fits-all." When you make the important decision to create an estate plan, your attorney should take a comprehensive approach considering your unique and individual needs. At Caviness Law Firm, PLLC, I will take the time to listen to your planning objectives and develop a creative and strategic approach that addresses your immediate and future goals. A special needs trust may be a viable option in the following circumstances:
Special needs children: A child is born with a physical or mental impairment that requires lifelong care.
Personal injury settlements: An individual has been in a traumatic accident and there will be a monetary settlement stemming from the personal injury. This money can be set aside and kept strictly for the individual, which protects it for its intended use while still maintaining eligibility for Medicaid benefits.
Minor trusts: A minor child loses their parents and any inheritance from them will be set up in a trust until the child reaches legal age.
Asset preservation trusts: A special needs trust can also set money aside for an aging relative or for your own health care as part of an asset preservation plan.
The beneficiary is the individual who will receive benefits from the trust. A beneficiary may be deemed incompetent because of age (under 18), adjudication, or may simply suffer from a physical disability. A special needs trust is often set up as part of an estate plan to ensure there are monies in a trust to care for a sick or debilitated child or for an ill spouse. When the trust arises out of a personal injury case or in the care of a severely injured or disabled person, it serves the additional purpose of protecting the funds from collections or creditors so that an injury victim does not spend the entire sum on hospital bills.
Contact Caviness Law Firm, PLLC for an initial consultation or case evaluation regarding wills, special needs children, and elder trusts.