Disabled Family Members: Providing with the Special Needs Trust
While estate planning is not only for the affluent, most individuals who are motivated to create a will, the advance directive for health care, powers of attorney, and trusts have amassed some assets which they want to pass down to those they care about. You may have married not long ago, had a child or two, and began thinking about how you want to shape your estate and protect your loved ones—or, you may have been working hard for decades and have many of the rewards to show for that after raising a family and already enjoying grandkids.
To make sure that your assets are handed down properly, it is important to consult with an estate planning attorney as soon as possible. Most of us see death as an unknown looming far into the future, but there are no guarantees—and an unfortunate accident or illness could change everything quickly, including your ability to create a will or estate plan while you are of sound mind. And if you have a disabled family member, you want to make sure are cared for later, it is important not only to act now in creating an estate plan, but also a special needs trust.
Many disabled individuals are receiving government funds such as Medicaid and SSI/SSDI. If you want to leave them assets or an income after you die, it is important to do so without interfering with the government funds they probably rely on greatly. A trust allows you to leave behind assets that can be funded via a bank account or estate plan, and others can make contributions also. If you opened the trust, you are the Grantor—and you will need to establish who is to be the Trustee in managing the assets in the trust which can include property, stocks, jewelry, and far more. If items need to be sold to provide cash for the beneficiary of the trust, the trustee is responsible for doing so, as well as managing and dispersing funds accordingly so eligibility for government funds or programs is not threatened.
Are you considering setting up a special needs trust within your estate plan? Contact Scriber Law Group for a free consultation. We can give you the important information you need regarding estate planning and trusts in Georgia, as well as answering any questions. Call (404) 939-7562 or contact us online for a free consultation.