Special Needs Trusts
Special needs trusts are trusts that protect the assets and direct the use of those assets for the care of those with mental and/or physical disabilities long after his or her caregivers have passed away.
It is common that persons with special needs are receiving need-based government benefits such as Medicaid and Supplemental Security Income. Caregivers of those with special needs often forget that gifting their assets to their loved ones with disabilities will likely disqualify that loved one from these benefits. In that case, the loved one would need to reapply for the benefits once his or her inherited assets have been exhausted.
If drafted properly, a special needs trust may allow a person with special needs to both inherit assets for their benefit and care while at the same time avoiding the disqualification of their government benefits.
To see if a special needs trust is something that would benefit you or your loved one, please give the attorneys at Smart, Schofield, Shorter a call at 801-747-0647 or contact us and set up a free consultation today.