What You Need to Know About Third-Party Special Needs Trusts Hello, this is Peter Klenk, New Jersey and Pennsylvania trusts and estates attorney here to talk a little bit more about death and taxes, the same stuff we’ve been talking about in the past. But this time, we’re going […]
Category: Special Needs Estate Planning
From Our “Ask a Question” Mailbag: “What is a Special Needs Trust? Can I use a Special Needs Trust to protect my special needs child?” What is a Special Needs Trust? If you have a loved one with special needs, he or she may be entitled to certain government benefits […]
From Our “Ask a Question” Mailbag: “How can I save money for my special needs child without disqualifying him from government benefits? Do I need to create a Special Needs Trust or are there other options?” How can I save money for my Special Needs Child? If you or a […]
From Our “Ask a Question” Mailbag: “Hi, can you give me examples of Estate Planning for the Special Needs Child?” 3 Ideas For Estate Planning for the Special Needs Child. Having a Special Needs Child brings challenges and obligations not faced by other parents. When a Special Needs Child reaches […]
From Our “Ask a Question” mailbag: “I want to set up a Special Needs Trust for my son in my Will. Can I fund a Special Needs Trust with life insurance?”
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.
From Our “Ask a Question” mailbag: “Can I form a Special Needs Trust during my lifetime? I would like to put some money aside for my Special Needs son now. But I don’t want to disqualify him from his Medicaid.”
From Our “Ask a Question” mailbag: “At my son’s death, can I decide who receives any remaining money in the Special Needs Trust? I want to set up a Special Needs Trust for my son in my Will. But, when he dies, can my daughter receive what money remains?”
From Our “Ask a Question” mailbag: “I am setting up a Special Needs Trust for my son in my Will. I am trying to decide if I should pick my daughter or a bank as the Special Needs Trust Trustee. Who should I pick as the Special Needs Trust Trustee?”
From Our “Ask a Question” mailbag: How do I petition for guardianship of my brother? “My mother has taken care of my severely autistic little brother his whole life in Philadelphia. She can no longer do so and wants me to take on the responsibility. How do I become my brother’s legally recognized Guardian?”
