If your estate will be going to someone who will require government assistance to ensure a reasonable quality of life, creating a trust can become more complicated. In many situations, the funds located in this trust may count against the individual’s eligibility for government benefits. However, there are alternatives a Northfield contested trust lawyer can help you with that will ensure these funds don’t count against government assistance.
What Is a Special Needs Trust?
Unlike a traditional trust, a Northfield contested trust lawyer will be able to design a special needs trust designed to pass your assets on to an individual with special needs without having an impact on any governmental aid they are entitled to. This requires specific language an experienced lawyer can include to ensure the best results. This language will ensure an individual receives their inheritance and will still be eligible for the government benefits they deserve.
Two Types of Trusts
There are two types of trusts that fall under the category of special needs trust. A first party special needs trust belongs to the disabled individual and is funded by themselves, but the money is protected from eligibility for any government disability. For those who wish to leave money to a disabled individual, a third party special needs trust is the right option.
Protecting assets, while still allowing an individual to set aside money for a future date, is difficult when dealing with disability. In many cases, these funds work against an individual’s eligibility for government assistance. However, with the help of a Northfield contested trust lawyer, you can set up a special needs trust that won’t count against these eligibility requirements.
Are you familiar with a special needs trust? Visit the Orlowsky & Wilson website to find out how a Northfield contested trust lawyer can help.
