![\"Special](\"http:\/\/www.dbfwclegal.com\/wp-content\/uploads\/2020\/09\/special-needs-trust-lawyer.jpg\" "\\"Special")
<\/span><\/div>Establish a Special Needs Trust for Your Disabled Loved One<\/h1><\/div>If you have a loved one with special needs, estate planning can pose daunting questions \u2014 How do I make sure my loved one is taken care of after I\u2019m gone? How do I leave financial assets to them without interfering with their eligibility for government-based assistance programs? How do I make sure they\u2019re looked after by the right people? All of these dilemmas can be solved by a special needs trust. An estate planning lawyer, like the ones serving Arizona residents at Dyer Bregman Ferris Wong & Carter, PLLC, can ensure your family member with special needs will be cared for financially, medically, and with proper oversight, all through a custom special needs trust.<\/p>\n<\/div>
How Does a Special Needs Trust Differ from a Regular Trust?<\/h2><\/div>Because those with special needs often rely on financial and medical assistance from government programs \u2014 such as Supplemental Security Income (SSI) and Medicaid, (called the Arizona Health Care Cost Containment System (AHCCCS) and the Arizona Long Term Care System (ALTCS) \u2014 you want to make sure they can continue to receive these services after you\u2019re gone. You might think leaving behind a financial gift in a will would help supplement the funding received from these programs, but these additional funds would potentially disqualify the special needs individual for government aid. SSI, AHCCCS and ALTCS are needs-based, meaning they are given to those proven to have a low income and few assets. An inheritance would be counted as additional financial resources thereby risking government aid eligibility.<\/p>\n
Special needs trusts, sometimes called supplemental needs trusts, are designed only for disabled individuals so they can receive supplemental funding while still maintaining their eligibility for needs based government programs such as SSI, AHCCCS and ALTCS. Assets placed in the trust are used for the benefit of the special needs beneficiary. And because funds are held in the trust, and not held by the individual, the Trust does not adversely impact needed governmental services or benefits;<\/p>\n
These trusts are also highly customizable to better reflect each person\u2019s needs. Funds can be allocated for specific uses, such as continuing education, medical supplies and equipment, or assistants and service animals. One of Dyer Bregman Ferris Wong & Carter, PLLC\u2019s supplemental needs trust lawyers can guide you through the process, drafting a trust that is specific to your family\u2019s situation, down to the last detail and without any loose ends. We focus on serving Arizona families with members who are disabled, focusing our energy and passion on each case to achieve the best results for our clients.<\/p>\n<\/div>
Kinds of Supplemental Needs Trusts<\/h2><\/div>While the details of each trust can vary greatly, there are two overarching kinds of special needs trusts \u2014 first-party and third-party.<\/p>\n<\/div>
First-Party Trusts<\/h3><\/div><\/div>As the name suggests, these trusts are formed for special needs individuals to transfer their own assets, like inheritance or settlements, into trust so they can continue to receive government benefits. By placing the funds in trust, overseen by a trustee, the disabled beneficiary no longer owns them, and they therefore don\u2019t impact SSI or Medicaid eligibility. Once the trust is finalized, it\u2019s irrevocable, meaning it can\u2019t be changed or touched.<\/p>\nHowever, the special needs individual cannot create the trust on their own; rather, a parent or guardian must set it up. The beneficiary must also be under 65 when the trust is created and upon the death of the beneficiary, any remaining funds in trust are paid back to the government programs like Medicaid, as a form of reimbursement for benefits. Put another way, the government of Arizona is the final beneficiary after the initial beneficiary passes on.<\/div><\/div><\/div>
Third-Party Trusts<\/h3><\/div><\/div>This kind of trust is ideal for those planning ahead and wishing to leave a legacy. While first-party trusts must be created by a family member or guardian and are funded by the disabled person\u2019s assets, a third-party trust can be created by anyone as part of an estate plan. This trust is funded by assets owned by the grantor. Since the assets never belonged to the special needs individual, they are exempt from the requirements of a first-party trust \u2014 there are no restrictions on age, no reimbursement to the government is required after the beneficiary\u2019s death, and there\u2019s more freedom on how the funds are used by the trustee for the beneficiary.<\/div><\/div><\/div><\/div><\/div>Our Special Needs Planning Attorneys are By Your Side<\/h2><\/div>Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>
If you have a loved one with special needs, estate planning can pose daunting questions \u2014 How do I make sure my loved one is taken care of after I\u2019m gone? How do I leave financial assets to them without interfering with their eligibility for government-based assistance programs? How do I make sure they\u2019re looked after by the right people? All of these dilemmas can be solved by a special needs trust. An estate planning lawyer, like the ones serving Arizona residents at Dyer Bregman Ferris Wong & Carter, PLLC, can ensure your family member with special needs will be cared for financially, medically, and with proper oversight, all through a custom special needs trust.<\/p>\n<\/div>
How Does a Special Needs Trust Differ from a Regular Trust?<\/h2><\/div>Because those with special needs often rely on financial and medical assistance from government programs \u2014 such as Supplemental Security Income (SSI) and Medicaid, (called the Arizona Health Care Cost Containment System (AHCCCS) and the Arizona Long Term Care System (ALTCS) \u2014 you want to make sure they can continue to receive these services after you\u2019re gone. You might think leaving behind a financial gift in a will would help supplement the funding received from these programs, but these additional funds would potentially disqualify the special needs individual for government aid. SSI, AHCCCS and ALTCS are needs-based, meaning they are given to those proven to have a low income and few assets. An inheritance would be counted as additional financial resources thereby risking government aid eligibility.<\/p>\n
Special needs trusts, sometimes called supplemental needs trusts, are designed only for disabled individuals so they can receive supplemental funding while still maintaining their eligibility for needs based government programs such as SSI, AHCCCS and ALTCS. Assets placed in the trust are used for the benefit of the special needs beneficiary. And because funds are held in the trust, and not held by the individual, the Trust does not adversely impact needed governmental services or benefits;<\/p>\n
These trusts are also highly customizable to better reflect each person\u2019s needs. Funds can be allocated for specific uses, such as continuing education, medical supplies and equipment, or assistants and service animals. One of Dyer Bregman Ferris Wong & Carter, PLLC\u2019s supplemental needs trust lawyers can guide you through the process, drafting a trust that is specific to your family\u2019s situation, down to the last detail and without any loose ends. We focus on serving Arizona families with members who are disabled, focusing our energy and passion on each case to achieve the best results for our clients.<\/p>\n<\/div>
Kinds of Supplemental Needs Trusts<\/h2><\/div>While the details of each trust can vary greatly, there are two overarching kinds of special needs trusts \u2014 first-party and third-party.<\/p>\n<\/div>
First-Party Trusts<\/h3><\/div><\/div>As the name suggests, these trusts are formed for special needs individuals to transfer their own assets, like inheritance or settlements, into trust so they can continue to receive government benefits. By placing the funds in trust, overseen by a trustee, the disabled beneficiary no longer owns them, and they therefore don\u2019t impact SSI or Medicaid eligibility. Once the trust is finalized, it\u2019s irrevocable, meaning it can\u2019t be changed or touched.<\/p>\nHowever, the special needs individual cannot create the trust on their own; rather, a parent or guardian must set it up. The beneficiary must also be under 65 when the trust is created and upon the death of the beneficiary, any remaining funds in trust are paid back to the government programs like Medicaid, as a form of reimbursement for benefits. Put another way, the government of Arizona is the final beneficiary after the initial beneficiary passes on.<\/div><\/div><\/div>
Third-Party Trusts<\/h3><\/div><\/div>This kind of trust is ideal for those planning ahead and wishing to leave a legacy. While first-party trusts must be created by a family member or guardian and are funded by the disabled person\u2019s assets, a third-party trust can be created by anyone as part of an estate plan. This trust is funded by assets owned by the grantor. Since the assets never belonged to the special needs individual, they are exempt from the requirements of a first-party trust \u2014 there are no restrictions on age, no reimbursement to the government is required after the beneficiary\u2019s death, and there\u2019s more freedom on how the funds are used by the trustee for the beneficiary.<\/div><\/div><\/div><\/div><\/div>Our Special Needs Planning Attorneys are By Your Side<\/h2><\/div>Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>
Because those with special needs often rely on financial and medical assistance from government programs \u2014 such as Supplemental Security Income (SSI) and Medicaid, (called the Arizona Health Care Cost Containment System (AHCCCS) and the Arizona Long Term Care System (ALTCS) \u2014 you want to make sure they can continue to receive these services after you\u2019re gone. You might think leaving behind a financial gift in a will would help supplement the funding received from these programs, but these additional funds would potentially disqualify the special needs individual for government aid. SSI, AHCCCS and ALTCS are needs-based, meaning they are given to those proven to have a low income and few assets. An inheritance would be counted as additional financial resources thereby risking government aid eligibility.<\/p>\n
Special needs trusts, sometimes called supplemental needs trusts, are designed only for disabled individuals so they can receive supplemental funding while still maintaining their eligibility for needs based government programs such as SSI, AHCCCS and ALTCS. Assets placed in the trust are used for the benefit of the special needs beneficiary. And because funds are held in the trust, and not held by the individual, the Trust does not adversely impact needed governmental services or benefits;<\/p>\n
These trusts are also highly customizable to better reflect each person\u2019s needs. Funds can be allocated for specific uses, such as continuing education, medical supplies and equipment, or assistants and service animals. One of Dyer Bregman Ferris Wong & Carter, PLLC\u2019s supplemental needs trust lawyers can guide you through the process, drafting a trust that is specific to your family\u2019s situation, down to the last detail and without any loose ends. We focus on serving Arizona families with members who are disabled, focusing our energy and passion on each case to achieve the best results for our clients.<\/p>\n<\/div>
Kinds of Supplemental Needs Trusts<\/h2><\/div>While the details of each trust can vary greatly, there are two overarching kinds of special needs trusts \u2014 first-party and third-party.<\/p>\n<\/div>
First-Party Trusts<\/h3><\/div><\/div>As the name suggests, these trusts are formed for special needs individuals to transfer their own assets, like inheritance or settlements, into trust so they can continue to receive government benefits. By placing the funds in trust, overseen by a trustee, the disabled beneficiary no longer owns them, and they therefore don\u2019t impact SSI or Medicaid eligibility. Once the trust is finalized, it\u2019s irrevocable, meaning it can\u2019t be changed or touched.<\/p>\nHowever, the special needs individual cannot create the trust on their own; rather, a parent or guardian must set it up. The beneficiary must also be under 65 when the trust is created and upon the death of the beneficiary, any remaining funds in trust are paid back to the government programs like Medicaid, as a form of reimbursement for benefits. Put another way, the government of Arizona is the final beneficiary after the initial beneficiary passes on.<\/div><\/div><\/div>
Third-Party Trusts<\/h3><\/div><\/div>This kind of trust is ideal for those planning ahead and wishing to leave a legacy. While first-party trusts must be created by a family member or guardian and are funded by the disabled person\u2019s assets, a third-party trust can be created by anyone as part of an estate plan. This trust is funded by assets owned by the grantor. Since the assets never belonged to the special needs individual, they are exempt from the requirements of a first-party trust \u2014 there are no restrictions on age, no reimbursement to the government is required after the beneficiary\u2019s death, and there\u2019s more freedom on how the funds are used by the trustee for the beneficiary.<\/div><\/div><\/div><\/div><\/div>Our Special Needs Planning Attorneys are By Your Side<\/h2><\/div>Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>
While the details of each trust can vary greatly, there are two overarching kinds of special needs trusts \u2014 first-party and third-party.<\/p>\n<\/div>
First-Party Trusts<\/h3><\/div><\/div>As the name suggests, these trusts are formed for special needs individuals to transfer their own assets, like inheritance or settlements, into trust so they can continue to receive government benefits. By placing the funds in trust, overseen by a trustee, the disabled beneficiary no longer owns them, and they therefore don\u2019t impact SSI or Medicaid eligibility. Once the trust is finalized, it\u2019s irrevocable, meaning it can\u2019t be changed or touched.<\/p>\nHowever, the special needs individual cannot create the trust on their own; rather, a parent or guardian must set it up. The beneficiary must also be under 65 when the trust is created and upon the death of the beneficiary, any remaining funds in trust are paid back to the government programs like Medicaid, as a form of reimbursement for benefits. Put another way, the government of Arizona is the final beneficiary after the initial beneficiary passes on.<\/div><\/div><\/div>
Third-Party Trusts<\/h3><\/div><\/div>This kind of trust is ideal for those planning ahead and wishing to leave a legacy. While first-party trusts must be created by a family member or guardian and are funded by the disabled person\u2019s assets, a third-party trust can be created by anyone as part of an estate plan. This trust is funded by assets owned by the grantor. Since the assets never belonged to the special needs individual, they are exempt from the requirements of a first-party trust \u2014 there are no restrictions on age, no reimbursement to the government is required after the beneficiary\u2019s death, and there\u2019s more freedom on how the funds are used by the trustee for the beneficiary.<\/div><\/div><\/div><\/div><\/div>Our Special Needs Planning Attorneys are By Your Side<\/h2><\/div>Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>
However, the special needs individual cannot create the trust on their own; rather, a parent or guardian must set it up. The beneficiary must also be under 65 when the trust is created and upon the death of the beneficiary, any remaining funds in trust are paid back to the government programs like Medicaid, as a form of reimbursement for benefits. Put another way, the government of Arizona is the final beneficiary after the initial beneficiary passes on.<\/div><\/div><\/div>
Third-Party Trusts<\/h3><\/div><\/div>This kind of trust is ideal for those planning ahead and wishing to leave a legacy. While first-party trusts must be created by a family member or guardian and are funded by the disabled person\u2019s assets, a third-party trust can be created by anyone as part of an estate plan. This trust is funded by assets owned by the grantor. Since the assets never belonged to the special needs individual, they are exempt from the requirements of a first-party trust \u2014 there are no restrictions on age, no reimbursement to the government is required after the beneficiary\u2019s death, and there\u2019s more freedom on how the funds are used by the trustee for the beneficiary.<\/div><\/div><\/div><\/div><\/div>Our Special Needs Planning Attorneys are By Your Side<\/h2><\/div>Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>
Our Special Needs Planning Attorneys are By Your Side<\/h2><\/div>Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>
Choosing the best kind of supplemental needs trust is made easier with an experienced and compassionate special needs planning lawyer. Our attorneys<\/a> will guide you through your options, draft and file the proper paperwork, and incorporate your trust into your existing estate plan. We\u2019ll also help you decide whether an individual trustee or an entity like a bank or trust company is best for managing your trust. Above all, we\u2019ll give you peace about your passing, knowing your special needs loved one will be cared for with airtight legal protection.<\/p>\n<\/div>