what is a special needs trust
TRANSCRIPT
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WHAT IS A SPECIAL NEEDS
TRUST?
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DIRECT INHERITANCES
If you use a will to distribute assets, your heirs will be leaving direct inheritances.
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In this presentation, we will look at a number of different taxes.
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This can sound great, but under some circumstances, it may not be
the best choice.
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PEOPLE WITH SPECIAL NEEDS
If you have someone with special needs in your family, you should take pause before you name
this person in your will.
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Clearly, you want to provide support.
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However, there may be a better way to go about it.
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HEALTH INSURANCE
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Everyone needs health insurance, but it is particularly important for people with
special needs.
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Medicaid is a government health
insurance program.
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Many people with disabilities rely
on Medicaid.
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SUPPLEMENTAL SECURITY INCOME
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Disabled people who cannot work often qualify for the Supplemental
Security Income program.
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The purpose of this program is self-explanatory: It serves as an
ongoing source of minimal financial support.
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NEED-BASED PROGRAMS
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Medicaid and SSI are need-based programs.
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You cannot qualify if you have a reasonable store of assets in your
own name.
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LOSS OF ELIGIBILITY
If a person who is enrolled in these programs was to receive an inheritance or a large lifetime
gift, benefit eligibility could be lost.
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SPECIAL NEEDS TRUSTS
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To help out a loved one with a disability without doing any harm, you could create a special needs
trust.
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The trustee could use assets in the trust to satisfy the supplemental
needs of the beneficiary.
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These would be needs that are not being satisfied by the government
benefits.
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Benefit eligibility would not be jeopardized.
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PERSONALIZED INHERITANCE
PLANNING
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As you can see, you should consider the life situation of every person on your inheritance list when you are
planning your estate.
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SCHEDULE A CONSULTATION
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If you would like to discuss your unique family situation with a
licensed estate planning attorney, our firm can help.
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Please contact Liane or Laura at 410-573-4818 or 301-970-8080 to
schedule your consultation.
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Or visit our website www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo