Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Search Results: special needs trust

Special Needs Trusts

Posted on Tue May 16, 2017, on

Special Needs Trusts are an Estate Planning technique that shelters assets for a Special Needs Person. The person benefits but does not lose needs-based government benefits. What Is a Special or Supplemental Needs Trust? A Special Needs Trust describes an Irrevocable Trust holding assets for a person receiving needs-based government […]

Klenk Law

What is a Special Needs Trust?

Posted on Sun Dec 4, 2016, on Special Needs Estate Planning

From Our “Ask a Question” mailbag: “What is a Special Needs Trust?”

A Special Needs Trust is a trust designed to hold assets for a person receiving needs-based government benefits. The person who benefits from the trust is the “beneficiary.” Typically, the beneficiary is an individual with physical or mental disabilities who qualifies for needs-based benefits, such as Medicaid. Giving this person money or making them an heirwould disqualify them. Special Needs Trusts were created to hold assets for these people without excluding them from the benefits. A Special Needs Trust allows you to look out for your loved one by providing them with the little extras that will improve their life.

Klenk Law

Explaining Special Needs Trust and Inheritance Tax

Posted on Tue Oct 27, 2015, on Special Needs Trust

From our “Ask a Question” mailbag: I want to form a Special Needs Trust for my daughter in my will, to be funded at my death. Will the money I put into the Special Needs Trust be subject to the Pennsylvania Inheritance Tax?

The Pennsylvania Inheritance Tax rate for transfers to children is 4.5%. This tax is payable whether you give the child money outright or if you place the money in a trust. A Special Needs Trust is an Irrevocable Trust that has the added language allowing the money to be available for a Special Needs Person’s care, but still allows that person to qualify for Medicaid.

Klenk Law

Who gets the remainder of my son’s Special Needs Trust?

Posted on Thu Oct 22, 2015, on Special Needs Trust

From our “Ask a Question” mailbag: I am planning to set up a Special Needs Trust for my son and place a gift in the trust each year to help provide care for my son after my death. If he dies without the entire amount being used, whom can I name as the beneficiary?

If I have the facts correct, you are thinking about forming an Irrevocable Trust for your son during your lifetime (“inter vivos”) and then placing money into the trust every year to create a pool of funds to provide care for your son after your death. I also assume, in order to provide the maximum tax benefits, you will use Crummey Powers to make these transfers free of Federal Estate Tax, and you will not serve as trustee.

Klenk Law

What Our clients are saying

Klenk Law Logo
Stars

CEGM

Peters' firm has prepared and updated our Wills and Trusts for the last 15 to 20 years. They know the law and help with your decision making to use the law to your best advantage. Response time to your requests is very reasonable, and final reviews and signing is executed in a timely manor with a thorough coverage of the documents. Our most recent updates to our Wills & Trusts were somewhat complicated, in our opinion, but Peter and his staff handled them effortlessly. As you can tell from this review Peter Klenk's firm is top notch.

Klenk Law Logo
Stars

Matthew Wentz

My experience with Klenk Law was nothing shy of amazing. I had done some quick research when searching for an estate attorney and was immediately drawn to Klenk Law being a veteran owned business and due to their support for veterans, first responders, and teachers . Every member of their staff was knowledgeable and patient through every step of the process and with all of my questions. They were honest and transparent with pricing and expectations. They were very timely with communications and kept me in the loop throughout the process. I will definitely recommend Klenk Law to friends and family.

Klenk Law Logo
Stars

Jacob Lenton

Jackie M. at Klenk Law is dynamite.!! She is certainly an asset to this firm. Knowledgeable, personable, and dedicated to her craft.

Klenk Law Logo
Stars

Var IAMPhilly

Overall I great experience with Daniella and the rest of her team to work with me for my fathers estate. Never was an issue that couldn’t be fixed. I highly recommend klenk Law firm.

Klenk Law Logo
Stars

John Heward

Peter offers excellent service in a easy friendly atmosphere. Highly recommended!

Let us put our expertise to work for you.

Free consultation within 24 hours.