It is easy enough to believe you do not need the help of a Deerfield special needs trusts attorney if there are no individuals with special needs within your estate plans. However, and as we will shortly discover, almost anyone with a sizeable estate can benefit from working alongside a special needs trust attorney when developing their plans. This is because special needs situations can develop at any time and have a huge impact on your heirs.
What a Deerfield Special Needs Trusts Attorney Does
It is helpful to first understand just what a special needs trust does if you are to understand how an attorney specializing in this area can be helpful to you and your family. As you might already know, someone with special needs is typically someone deemed disabled and viable for government programs designed to offer basic support and essential medical care, such as Medicaid.
What Is a Special Needs Trust?
A special needs trust is one in which an inheritance is held and used exclusively for any special needs beyond those that are covered by government programs. These funds might pay for everything from recreational activities, special counseling, education, and medical care that goes beyond the basic or essential. Though the funds are not considered as money or assets that belong to your heir, when put to use by the trustee, it can occasionally lead to a reduction or even a loss of public assistance.
Why? The special needs trust is meant to supply comforts and even some luxuries that a trustee determines is in the beneficiary’s best interest, and that can affect the amounts of public assistance made available. Yet, when handled properly, it ensures a high quality of life and protects the inheritance for future generations.
Is a Deerfield Special Needs Trusts Attorney Essential?
How does this differ from leaving someone an inheritance? Essentially, if none of your heirs (children, grandchildren, spouse, etc.) have special needs, it would seem perfectly wise to just divide your estate between them. Yet, if something happens and one of them does end up with special needs (such as being injured severely in an accident), they would have to use all of their inheritance before government programs could offer assistance.
That would deplete your estate of whatever funds were there to invest, set aside, grow or use towards future generations. By simply including special needs instructions in your estate plans, you can reduce the financial harm that would otherwise occur. If you are concerned about your estate and wish to speak with attorneys skilled at special needs trust work, contact Orlowsky & Wilson, Ltd.