There are various reasons why individuals set up trusts, just as there are various types of trusts one can set up. Some Trusts allow for a separation between enjoying the advantages of using and enjoying assets while someone else manages and controls the same assets.
Certain trusts can be useful when a person needs to qualify for certain government benefits. To learn about this option, contact a special needs trust attorney at the Law Offices of Andrew Cohen.
Individuals with various types of disabilities may sometimes receive government benefits or assistance. However, in order to qualify for such benefits, it is often necessary for the individual to own few assets. Decisions regarding who does and does not qualify for such government assistance programs often treat the financial circumstances of an individual with a disability as a very significant qualifying factor.
At times, people with disabilities may need someone to establish a special needs trust on their behalf. If they will need to receive government benefits, but they may own assets whose value is such that it would disqualify them from eligibility for government assistance, those assets may be placed into a special needs trust on behalf of the beneficiary.
If you are considering setting up a special needs trust so that your loved one may qualify for government benefits, it’s important to be familiar with the three relevant types. They are:
It’s important to make sure the attorney handling your matter is experienced. We can discuss in greater detail whether this is the ideal option for your needs and goals.
If you do set up a special needs trust, it’s critical to ensure the trust is worded properly for it to be valid under California law and avoid disqualification of government benefits. This is an important reason to coordinate with the experts at an Encino special needs trust law firm.