In the News – Special Needs Trusts: What They Do and How They Work
When you have dependent loved ones, planning for the future is something that must be considered. From this Forbes article Rob Clarfeld discusses why a Special Needs Trust cannot go overlooked and requires careful estate planning to ensure the longevity and protection of loved ones.
Clarfeld first explains the purpose of Special Needs Trust in his article. This specific trust works to fund and protect individuals with special needs from creditors and others who may attempt to control the funds within the trust designated to that beneficiary. Additionally, all assets of your choosing are allocated to this trust to help support the beneficiary’s basic life elements and professional care needs.
Clarfeld’s article also goes into greater depth about the different trusts available for the specific needs of the family and beneficiary. Clarfeld identifies a first-party or self-settled trust that could assist the disabled beneficiary if they had owned prior assets or property. Also, an ABLE (Achieving Better Life Experience) account can keep the funding secure with state-management.
If you have a loved one with unique needs, preparing for the future and planning for the care that they will need is important. Make sure you know what different types of special needs trusts are available to you and your family and what may be best for your special circumstances. Contact the attorneys at Pankau Law to schedule a free initial consultation and begin establishing a Special Needs Trust for your dependent 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.