Unpacking the Facts About Special Needs Trusts With Griffin & Cain, Attorneys at Law, PC
Families with members with special needs face challenges that other families can’t imagine. A special needs family member creates logistical difficulties that make even day-to-day living much more difficult, which means complicated issues like estate planning are even more fraught.
At Griffin & Cain, Attorneys at Law, PC, we are estate planning and special needs trusts attorneys ready to get to work for you. We dedicate our time and effort to the people of Conroe, and all across the Houston-The Woodlands-Sugar Land metropolitan area. We help people with challenging situations, such as family members with special needs and build plans that help their loved ones get the care they need.
What Is a Special Needs Trust?
A special needs trust is a type of trust that holds assets for someone with any number of disabilities. The trust is designed to provide assets and funds for the use and care of the disabled person for the duration of their lives.
Parents with disabled children often create these trusts as a part of their estate plan. It allows you to have greater security and control of the next stages of your child’s life, even if you can’t be there yourself.
What Are the Different Types of Special Needs Trusts?
There are several types of special needs trust, and they accomplish things in different ways. There are two main types used in Texas:
- Third-party special needs trusts: These are trusts funded by someone other than the beneficiary of the trust.
- First-party special needs trusts: These are trusts funded with assets that belong to the person with special needs. Often these assets are inherited, but it could potential be a legal settlement or even their own earnings.
These are all supplemental needs trusts, which aim to allow people on government benefits to access and benefit from greater resources.
If a Person With Disabilities Already Receives Government Benefits, Is a Trust Still Necessary?
If a person with disabilities has significant assets or if their families want to give them a better quality of life, then yes, a special needs trust is advisable. A person on government benefits must meet strict income requirements. A significant inheritance or regular income can very quickly surpass those strict levels leaving them without the benefits they need.
The purpose of a special needs trust is to allow for the individual on benefits to have more resources, either a nicer place to live, or better amenities, while also receiving care. If a person stands to inherit a significant amount of money or assets, then not creating a special needs trust risks them losing their care team and benefits.
Planning for a Loved One With Special Needs?
Learn how a special needs trust can help protect their benefits. Your first consultation is complimentary. Send us a message using the form below.
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Contact Our Office
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We will provide a complimentary consultation so that you can discuss your issue with us. Get started by calling us or contacting us via email, and we will respond as soon as possible.
Phone:
936-539-1011
Address:
400 W. Davis St., Suite 200. Conroe, TX. 77301