In the News – 5 Reasons to Consider a Special Needs Trust
In an article from Washington’s Top News, Dawn Doebler explores why families may wish to establish a special needs trust and how to implement one. If you are the primary caregiver to a disabled youth or adult, establishing a special needs trust is extremely important to ensure that they are taken care of in the event that you are no longer able to care for them.
The primary goal for establishing a special needs trust is to fund any of the needs of anyone with physical or mental disabilities. Identifying the assets you wish to include to fund these needs is one of the first steps to establishing a special needs trust. Next, appointing a trustee to manage the disbursement of these funds for the beneficiary will ensure that your assets are being used in the way that you designated them to be used. Following that, the way your assets should be distributed in your will should be left to the trust as beneficiary, not to your family member with special needs. This is because any inheritance exceeding $2,000 will impact whether your family member can qualify for government assistance programs. By taking this essential step, you will also be able to preserve the family wealth, through the trust, so that creditors and the government are unable to touch it.
Remembering all the intricate details of establishing a special needs trust can be extremely difficult without a knowledgeable attorney. Contact Pankau Law today for a free consultation and to learn more about how establishing a special needs trust could be beneficial for you and your loved ones.
This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.