Saturday, August 27, 2011 Improving the Quality of Life for the DisabledI am currently training for a 10 mile run as part of the San Diego Triathlon Challenge in support of the Challenged Athletes Foundation. I feel very fortunate to physically be able to take on such a challenge and to support those with physical disabilities, particularly because protecting the needs of the disabled is an integral part of my estate planning practice.
If you or a loved one is physically or mentally disabled supplemental needs planning should be considered when doing your estate plan. A Supplemental Needs Trust, which may also be referred to as a Special Needs Trust, is used to improve the quality of life of a disabled child or adult. It is a vehicle to supplement and preserve any benefits received through or from various governmental assistance programs.
A Supplemental Needs Trust may either be “Self Settled” or a “Third Party” Trust. A Self Settled Supplemental Needs Trust is established by the disabled beneficiary with his or her own funds for the purpose of retaining benefits. Such planning may be necessary should the beneficiary come into possession of funds such as a large sum received through an inheritance or a settlement in a lawsuit. A Third Party Supplemental Needs Trust is one established by the non-disabled person, often by a parent for his or her disabled child, with funds to be used by and for the benefit of the disabled beneficiary.
Our firm can help you set up a Supplemental Needs Trust to meet the goal of providing assets to the person with the disability while preserving government benefit eligibility. Our firm is also familiar with local programs and benefits available to families with special needs children and would be happy to help you and your family with our many resources. |