Most special needs individuals receive benefits from the government. They rely on these benefits for financial support, often the cornerstone of funding for ongoing treatment. Should someone leave a financial sum to a special needs individual, the gift could put his or her assets over the maximum threshold for receiving benefits, jeopardizing his or her eligibility to continue to receive those benefits. This can include Supplemental Security Income (SSI), Medicaid, housing assistance and other need-based benefits.
At Escobar & Associates Law Firm, Ltd. in Las Vegas, we assist families and individuals in creating estate plans and special needs trusts that will allow inheritance and gifts to be passed along to special needs individuals without disqualifying them from benefits that they need.
A special needs trust, or supplemental needs trust, is structured to hold an unlimited amount of assets to be disbursed to the special needs individual. This also protects the assets from potential creditors and many estate taxes.
There are many legal nuances and complexities surrounding these trusts, including who can create the trust, how the trust will be disbursed and types of assets within the trust. It is important that you seek guidance from a lawyer who understands these laws (as well as any recent changes) to ensure that your loved one is protected from technicalities or mistakes that could disqualify him or her from the benefits needed.
Our attorneys take the time to understand your situation and goals for the trust, providing solutions and a strategic approach to creating the trust that will provide for your loved one without interfering in any government programs.
If you are seeking to provide for a loved one with special needs through a trust or other financial vehicle, please contact our Nevada firm today. We have the answers and strategies you need. Call our Summerlin law offices today at 702-789-1422.