BOOKBINDER LAW, LLC understands the complexities that families must confront when a loved one needs care and may need to apply for public benefits. We offer a range of tools for parents of children with special needs including representation in guardianship proceedings, guidance with community resources, and special needs trusts.
Without a special needs trust, an individual who receives assets through an inheritance or lawsuit settlement and who receives Medicaid or Supplemental Security Income (SSI) benefits, or will apply for them in the future, loses eligibility for the benefits. Disqualification from eligibility can mean loss of health care coverage and loss of a monthly government stipend.
A special needs trust contains terms designed to both protect an individual’s eligibility for financial need based benefits and enhance the individual’s quality of life. The trust must adhere to strict requirements to avoid loss of program eligibility. In addition to drafting the trust itself, BOOKBINDER LAW, LLC counsels clients in:
The critical selection of the trustee for the special needs trust
Available sources of funding for the special needs trust
Appropriate amounts for funding in light of legal requirements and family circumstances
The difference between first party special needs trusts and third party special needs trusts (sometimes called supplemental benefits trusts or supplemental needs trusts) and trust requirements that depend upon whether the trust is funded with the beneficiary’s own assets or assets owned by other individuals, such as his parents, that are earmarked for his benefit
Options for the trust structure, including utilizing a pooled trust in which the beneficiary’s funds become linked with a larger pool of trust assets
Special needs trusts and special needs planning demand the personalized connection with your advisor that we offer at BOOKBINDER LAW, LLC and the attention to detail that a Certified Elder Law attorney can provide. The results of planning carry forward into our children’s lives. Let our decades of experience plan the future you want for your beneficiaries.