Estate planning is an essential part of ensuring that your loved ones are taken care of, even after you’re gone. But, for those with special needs, it’s even more crucial. A Special Needs Trust can provide a way to preserve assets for the benefit of a loved one with special needs, without jeopardizing their eligibility for government benefits.
In Texas, Medicaid and SSI are the two main benefits programs that provide assistance to those with special needs. However, these programs have strict asset and income limits, and if an individual has more than the allowed amount, they will not be eligible for benefits. A Special Needs Trust can provide a way to preserve assets for the benefit of a loved one with special needs, without jeopardizing their eligibility for these benefits.
A Special Needs Trust is a type of trust that is specifically designed to hold assets for the benefit of an individual with special needs. The trust is established by a parent, grandparent, or other family member, and is typically used to pay for things like medical expenses, education, and other necessary expenses that are not covered by government benefits.
In Texas, Special Needs Trusts can be set up in a number of ways. It can be set up as an irrevocable trust, which means that assets placed into the trust can’t be taken out again. Or, it can be set up as a revocable trust, which means that assets can be taken out if needed. However, it’s important to note that a revocable trust will not protect assets from creditors or Medicaid spend-down.
Additionally, the trustee appointed to manage the trust must be someone the grantor trusts to use the assets for the benefit of the special needs individual. This can be a family member, friend, or professional trustee.
Estate planning is an important step for anyone, but it’s especially important for those with special needs. A Special Needs Trust can provide a way to preserve assets for the benefit of a loved one with special needs, without jeopardizing their eligibility for government benefits. Consult with Jack Robinson, an attorney in Texas who is experienced in Special Needs Trusts, to ensure that your loved one’s future is protected.
Don’t risk unnecessary pains associated with being either poorly prepared or completely unprepared. We can help add to the peace of mind that’s worth the time. Contact us now to schedule your free estate planning consultation by either calling 866-566-9529 or by using our booking form below. Appointments are available by phone, in-office, or by virtual appointment online. Your choice; you’ll be glad you did.
