Special Needs Estate Planning for Mid-Michigan Families

Legal Team to Help with Special Needs Trusts in Lansing, Okemos & East Lansing

Disabled five year old boy on special bus liftPlanning for the long-term care for a loved one with special needs is challenging and requires expert advice.  A Special Needs Trust outlines the continuum of care for your loved one once you are gone.  The creation of the trust will help protect assets while allowing him or her maintaining eligibility for government benefits.

Our experienced estate planning team at Grewal Law will draft a trust placing the focus on providing the most benefit for your loved one with special needs.

The creation of the trust will protect any assets your loved one may inherit.  The outright inheritance of funds could make a person with disabilities ineligible for benefits such as Supplemental Security Income (SSI) or Medicaid.  Losing these benefits could force your family member to use the inherited funds to pay for everyday care compared to using the assistance previously received.

Do not leave the fate of your loved one up to the state, have Grewal Law create a Special Needs Trust for your loved one today.

Get Started Creating a Special Needs Trust

How Are Special Needs Trusts Funded?

There are different options for you to consider for your Special Needs Trust.  There are First Party Trusts, Third Party Trusts along with Self-Settled Special Needs Trusts.  A First Party trust uses your loved one’s money.  The Third Party trust includes funds from another person.

Even with the resources provided in a trust, anyone with special needs should use government benefits such as SSI for daily living.  These arrangements are designed to cover the person’s lifetime needs such as supplemental care.  To maintain these benefits, a Self-Settled Special Needs Trusts may be established.  This type of trust will maintain your loved one’s eligibility of certain public benefits.

No matter where the funds originate, the money inside a trust should be used for quality of life items and not for basic needs.  The types of things paid for out of trust can include educational costs, recreational expenses or entertainment needs.  It can also be used for certain medical costs including dental, mental health care and speech therapy.

Reach out to our experienced team today for a free quote on creating a Special Needs Trust by calling 800-331-9871 or 517-393-3000.

 

Who Will Manage the Trust?

When a trust is created the person receiving the funds is known as the beneficiary while the person responsibility for the administration is the trustee.  There are times when probate court may need to approve the creation of a Special Needs Trust.  Once created, it will be the trustee’s responsibility to handle how distributions are made to the beneficiary.

Some criteria for determining expenditures may include the following items:

  • All distributions should be for the sole benefit of your loved one.
  • The trustee should make financially responsible decisions that are in the best interest of the person with special needs.
  • The funds from the trust should only be used when other money is not available to cover the costs.

Picking the right trustee for your loved one’s funds is imperative.  You want someone who is impartial and who will work with a trusted financial advisor to handle investments within the trust.  It will also be his or her responsibility to handle tax documentation along with other government reporting.

There may be a family member or friend who can handle the responsibility or you may prefer to hire a professional trustee.  As your Grewal estate planning lawyer, we can help you make those decisions.

 

How Do I Create a Special Needs Trust?

Grewal Law’s Okemos estate attorneys and Lansing special needs trusts lawyers are ready to help you plan the care of your loved one.  Ensuring someone with special needs who you care about is given quality care after you are gone is vital.

Take time to create a Special Needs Trust to protect any assets he or she may inherit while safeguarding government benefits already received.

Contact us for peace of mind today.  We can help you with a Special Needs Trust at 800-331-9871 or 517-393-3000.