Living with a cognitive or physical disability can be difficult for both the person with the disability and his or her loved ones. If you have a son, daughter or another family member who will need a lifetime of financial support and services, a special needs trust may be right for you.
At The Law Office Of Paul D. White P.A., we are proud to help clients take care of those they love through the creation of trusts and other estate planning tools. We can help you create a special needs trust to address a variety of issues related to inheritances, financial management, eligibility for government benefits and more.
Access To Support And Government Benefits
Caring for children with disabilities does not present legal issues while they are still minors. But once your son or daughter reaches age 18, you may need to petition for guardianship and/or establish a trust to supplement living expenses, education, care and transportation.
Your now-adult child may be eligible for government benefits in the form of Supplemental Security Income, which provides modest but important monthly financial assistance. Unfortunately, the assets threshold for eligibility is very low. This means that if you were to financially support your son or daughter directly, such support may be considered income/assets and leave your child ineligible for SSI benefits.
A special needs trust can solve this problem. The funds in the trust are set aside to support your loved one, but he or she will not own or manage the assets, crucially maintaining SSI eligibility.
Other Considerations
Even if you are not concerned about government benefits, a special needs trust is still important. Unlike other trusts, you can address the specific needs of the disabled person. It must be thorough, detailing that the trust is intended to provide care beyond what the government can provide.
Working with the right lawyer can make all the difference when handling a difficult and financially significant matter like caring for your children. Attorney Paul D. White has been helping clients with their estate planning needs for 26 years, and he can help you, too.
Contact Us Today To Learn How We Can Help Your Family
Make sure your loved one is getting the assistance he or she needs by setting up a special needs trust. Located in Bryant, Arkansas, we serve clients throughout Saline County. Contact our office today for a free consultation at 501-847-5556 or fill out our contact form.
