Hi, my name is Kirsten Krueger and two years ago, I was in a car accident. I was stopped at a stop sign when the driver behind me slammed into my car. Due to my injuries, I had to spend a few days in the hospital and I was unable to work for two months. My medical care was expensive and without being able to work, I couldn't pay my bills. The car accident was stressful enough and then I had to worry about how I would pay my bills. After speaking with a car accident lawyer, it wasn't long before I was compensated for my medical bills and lost wages from work. I'm writing this blog to help others who have been a car accident and haven't received any compensation. As you read my posts, you'll learn how an attorney can help you if you're in a vehicle accident.
If you have a special needs child who will need care their whole lives, you may be wondering how you can provide for them after you're gone. Fortunately, with a special needs trust, you can ensure your child's safety and care even after your death.
What Is a Special Needs Trust?
You've likely heard of a trust fund, which is a sum of money and other assets set aside for a specific person – a trust – and handled by a separate person or entity – a trustee. If you have a special needs child who will require care throughout their entire lives, then a special needs trust – a trust made specifically for your child -- may be of interest to you.
Similar to a trust fund, monies and other assets can be added to a special needs trust and paid out, after your death, as you specify. Assets can include property, such as homes or vehicles, and possessions.
How Can Your Child Benefit from a Special Needs Trust?
When a special needs trust is set up for your child, you no longer have to worry about how they'll be cared for after your death. This gives you peace of mind, and it ensures that your child will be provided for indefinitely.
A major benefit of a special needs trust is that your child will still be able to receive government assistance. Since the funds are not in their name, but instead in the name of the trustee, the funds cannot be seen as a form of income for your child. This will help your child to qualify for disability payments, as well as to receive special housing and other benefits offered to disabled adults.
How Can You Set Up a Special Needs Trust for Your Child?
While a special needs trust can be set up without the help of a lawyer, an estate lawyer can help you to think outside the box and ensure that all of your child's needs will be met after your death.
The most important aspect of setting up the trust will be choosing a trustee. The trustee will have a number of responsibilities, so you want to be sure that whomever you choose will be willing and able to fulfill them. So as not to place the burden on family members or friends, many people turn to a professional trustee, someone who's not related to or personally acquainted with the special needs individual, but who's tasked with performing all of the tasks of a trustee. After the trustee has been chosen, you'll then need to decide how the trust will be funded. Many people set up an account with a minimum amount until their death, when all of their assets and worldly possessions are then added to the fund.
A special needs trust can provide your child with lifelong security and care. To learn more about setting up a special needs trust, consult with an estate attorney today. Contact a law firm, such as Fitzpatrick, Skemp & Associates LLC, for more information.
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