If you have a family member or loved one that is disabled or has special needs, it is very important to take this into consideration in the course of your planning. If the person is currently receiving government benefits, specific planning is required to avoid disrupting eligibility. On the other hand, if the person is not yet receiving benefits, this could change by the time you pass away. In either case, planning ahead can be the difference between improving their life with your gifts or not.
Special Needs Trusts
Special needs trusts (SNTs) can be useful for numerous circumstances:
SNTs can be customized for the situation, or established within a non-profit entity formed under federal laws to hold assets for the benefit of disabled individuals. The rules relative to creation, funding, and disbursement from SNTs are strict, and if not followed, can cause very negative consequences.
Kissinger Law Office can provide guidance with SNTs or other tools uniquely suited for disability planning situations.