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Disability trusts, or qualified disability trusts, are created for the purpose of caring for a disabled person in the event of their caretaker’s death. Qualified disability trusts offer added benefits for the betterment and protection of the beneficiaries by allowing the trustee to claim a full income tax exemption for trust income.
→ Read MoreA Special Needs Trust (SNT) is a unique document individually prepared for the benefit of a disabled beneficiary under the age of 65. This article explains the types of information required in this trust and the ways in which an attorney can greatly assist you in preparing it.
→ Read MoreNot to be confused with a pour-over will, a pour over trust is simply a way to plan for incapacity. Unlike a will, the pour over trust is not administered by a court, so its contents and terms are not part of the public record. A pour over trust allows a donor to set up a trust and act as trustee, or manager, during his or her life. Assets can be added to the trust during the trustee’s lifetime. Those assets stay in the trust until the trustee’s death. Sometimes, a person will name him or herself’co-trustee’ with an investment firm or trust company.
→ Read MoreIf you have a child with special needs, you want to be sure that once you are gone, he or she will be well taken care of. Special needs individuals under the age of 65 are eligible for Medicaid, Supplemental Security Income (SSI) and other benefit programs as long as they do not have more than $2,000 in their own name.
→ Read MoreIf you have a disabled relative or close friend, there is some important information you should have regarding Special Needs Trusts.
→ Read MoreMany different types of resources can be used to fund a Special Needs Trust and there are strict rules regarding the wording of Special Needs Trusts that have to do with how the money may and may not be spent.
→ Read MoreWhile modern medicine provides frequent breakthroughs for disabled patients, a long-term disability can be very costly for an estate. In fact, many modern couples may spend down their entire estate paying for medical care during a long-term disability. A Medicaid trust or spend down trust is a form of trust designed to preserve the trustor’s assets in anticipation of a possible long-term disability.
→ Read MoreTo qualify for most government programs, there are strict limits on the special needs individual’s income and assets. Inherited assets are counted when looking at what assets are available to a special needs beneficiary. Therefore, the family members of a special needs individual should consider passing wealth to that person through a trust.
→ Read MoreFind the right lawyer for your legal issue.
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