Protecting Your Loved One with A Special Needs Trust by GarrettLawWA


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									        Protecting Your Loved One with A Special
                               Needs Trust

If, like Sabina and me, you have a loved one who is disabled, then
you know how important government assistance programs can be to
their     well-being.    But   to
qualify for these programs,
your dependent must have
limited finances.       So, any
inheritance you leave him or
her could potentially put their
eligibility     for   government
assistance at risk.

So, how can you provide for
a       loved     one    without
interfering with government assistance?

What you need is a Special Needs Trust.

This unique legal document allows you to provide for your
dependent’s supplemental needs without disqualifying him or her
from programs such as Social Security and Medicaid.
Upon your death, any funds you intended for your disabled
dependent will be transferred to a special trust, created for the sole
purpose of providing for your dependent. Because the funds are not
in your dependent’s name and
are managed by a third-party
trustee,   your         dependent     can
continue         to         benefit   from
government assistance.

Of course, there are restrictions
on what the trust can pay for but
in general, you’re allowed to
provide    for        any     supplemental
needs, such as cable television,
travel expenses, education, entertainment and the like. The trust can
also provide your dependent with home health care services, a car,
clothing and even pay for medical expenses. Just remember than any
asset that requires a title or deed must be in the name of the trust
and not your dependent.

This allows you to ensure that your disabled dependent is well
provided for and enjoys a rich and happy life while still qualifying for
those much-needed government programs.
Who Should Be Trustee?

Choosing a trustee for a Special Needs Trust is especially important
because     the    person    you
choose will have authority
and control over the funds in
the trust. That means you
need to be able to trust this
person completely, especially
if your dependent is mentally
handicapped and unable to
recognize                   any
misappropriation    of   funds.
Many people choose a parent
or sibling of the disabled
person to act as trustee, but
you can select anyone you
want, including a law firm or a financial institution.
Experienced estate planning attorneys Seattle WA of the Byrd Garrett
PLLC offers estate planning and business planning resources to
residents of Seattle WA. To learn more about these free resources,
please visit today.

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