Protecting Your Assets And Your Loved Ones
From asset protection to wills and irrevocable trusts, having a comprehensive estate plan is necessary to protect yourself and your loved ones for the future.
Trust planning for your loved-one with special needs can be crafted to best address their needs…
Parents who have children with special needs know how important it is to protect them with comprehensive planning and strong advocacy. When you are no longer able to be your child’s primary advocate, however, who will take your place?
At the Estate Planning Law Group of Georgia, we understand special needs planning well. We can help you utilize trusts and other tools to ensure your child’s financial, medical and legal needs will continue to be met when you can no longer meet them yourself.
Let us help you create a comprehensive plan that ensures long-term protection and care for your loved ones.
Creating A Special Needs Trust
There are two types of special needs trusts to consider
Special needs trusts can protect a child living with a disability while still allowing them to qualify for important benefits like Medicaid and Supplemental Security Income (SSI). There are two types of special needs trusts:
- Self-settled special needs trusts: If your child has substantial assets in his or her name such as from a personal injury or medical malpractice lawsuit, this type of trust protects those assets and uses them to fund the child’s care.
- Third-party special needs trusts: A third-party trust is typically funded with the parents’ or guardian’s assets, and the terms for distribution are often made clear in a will or living trust.