Special needs trust attorney Frisco
Estate planning, an enigmatic and multifaceted process that often poses challenges for those with special needs, requires the expertise of a specialized attorney in the Frisco area. Special needs trusts, an indispensable tool in financial management, provide peace of mind and financial security for both the special needs individual and their family.
A special needs trust is a legally binding arrangement, meticulously designed to provide financial support for persons with disabilities while preserving their eligibility for government benefits. These benefits, such as Medicaid or Supplemental Security Income (SSI), are indispensable for the basic needs of individuals with special needs, encompassing healthcare, housing, and food. Nevertheless, inheritance or a sudden windfall could jeopardize these benefits, making special needs trusts a prudent investment for the future. By allowing funds to be held in trust for the benefit of the special needs individual, without affecting their eligibility for government benefits, special needs trusts are an invaluable tool for safeguarding the financial future of these individuals.
Creating a special needs trust, however, is no easy feat. As such, a specialized attorney such as Janelle Cremé, a knowledgeable and experienced expert in the laws and regulations governing special needs trusts, is essential. She can help you navigate the intricacies of the trust creation process, guide you in choosing the right type of trust for your situation, draft the trust documents, and ensure that the trust is appropriately funded.
Special needs trusts come in three main types - first-party, third-party, and pooled trusts - each of which has its specific rules and regulations that are pivotal for individuals with special needs. The first-party trust is typically funded with the assets of the person with special needs, often resulting from a settlement, inheritance, or other windfall. However, the stringent rules governing first-party trusts necessitate the expert assistance of a knowledgeable attorney. A third-party trust, on the other hand, is funded with the assets of someone other than the person with special needs, such as a parent, grandparent, or other family member. A third-party trust is useful in providing for the special needs individual after the death of the person funding the trust. Lastly, a pooled trust is a special type of trust administered by a nonprofit organization. The assets of multiple individuals are combined into one trust, with each individual having a separate account within the trust. Pooled trusts can be an ideal option for people with smaller estates or when there is no one available to serve as trustee.
One of the critical advantages of a special needs trust is that it allows the special needs individual to receive financial support without jeopardizing their eligibility for government benefits. Furthermore, the trust can provide for the special needs individual's needs throughout their lifetime, ensuring that they have a secure financial future. Special needs trusts can also be tailored to meet the unique needs of the individual, such as providing for a caregiver or funding special therapies or treatments.
In conclusion, if you need assistance with setting up a special needs trust in the Frisco area, attorney Janelle Cremé is a reliable and knowledgeable expert in special needs trusts. Contact her office today to schedule a consultation and start planning for your family's financial future.