Individuals with special needs often rely on public benefits such as SSI or Medicaid for support and vital services. However, if the person with special needs receives a gift or an inheritance, the gift or inheritance can cause the person to become ineligible for the benefit and care on which he or she depends. However, the law governing most public benefit programs in permits the creation of Special Needs Trusts (sometimes called Supplemental Needs Trusts or SNTs) to hold the gifted or inherited assets of the person with special needs. The person with special needs is the beneficiary of the Special Needs Trust and the trust assets and income are used to supplement the care or benefits the person receives from Social Security, Medicaid or some other public benefit program.
If you have a person with special needs in your family or as one of your potential beneficiaries, Fulkerson Elder Law LLC can design your Will, Living Trust or a stand-alone Special Needs Trust to provide supplemental support for the individual without disqualifying him or her from receiving the public benefits to which he or she is entitled and on which he or she depends. The effective utilization of Special Needs Trusts and and other tools to support individuals and families touched by special needs is commonly referred to as Special Needs Planning.
If you are ready to schedule an Initial Consultation to discuss Special Needs Planning, please call us at (816) 479-2930.