Navigating Special Needs Trusts
Special needs trusts, also referred to as supplemental needs trusts, protect the benefits of the disabled (physical, mental or developmental) in Cumming, Alpharetta and throughout Georgia by legally establishing that “extra” income such as gifts, lawsuit settlements and other funds as separate from the beneficiary’s income.
Avoiding the time-consuming and frustrating process of reapplying for aid from Social Security Income (SSI), Social Security Disability Income (SSDI) or Medicaid each year, special needs trusts are created by family members or friends concerned about the long-term care needs of a disabled relative. Such trusts can be a beneficiary in his or her wills.
Individuals under age 65 who have been disabled in an accident or through medical malpractice may set up a trust for themselves, wisely understanding that a settlement payout may disqualify them for benefits needed far beyond the life of the settlement funds. Funds that go into special needs trusts are flexible, but must be used for specific purposes only. An example: In most cases, funds cannot be used to pay rent/mortgage or medical bills. It can, however, pay for medical care that goes beyond everyday care, including dental work. It can also be used for special equipment, transportation, education and/or insurance. Other benefits, depending on the size of the trust, can include a paid companion, computer or other electronic devices, entertainment and travel.
Giving You The Legal Information You Need
Other legal parameters must be met, including the initial investment amount. A well-drafted special needs trust’s first and primary requirement is that the funds benefit the beneficiary. How that is accomplished can be complicated or it can be streamlined, depending on which lawyer you choose. Although there are numerous confusing requirements, special needs trusts, once established, legally protect the disabled while enhancing his or her life. Atlanta-area residents avoid the confusion of long-term planning by trusting our team of lawyers and staff at Teiger Law Center, P.C., for all their special needs trust documents. With nearly 30 years of experience handling a variety of elder law and other legal practice areas, we have the skill and resources to handle even the most complex issues.
Are You Ready To Speak With Our Attorneys?
Our team of professionals is made up of those with experience in the various fields of disability, from those knowledgeable on the ins and outs of long-term care planning and rehabilitative needs to financial planners and legal advisers. Contact Teiger Law Center, P.C., today by calling 678-374-7645 or 800-780-2275. We can also be reached via email by completing our contact form.