Special Needs Trust
Click here for a free ESTATE PLAN Evaluation.
Special needs trust (SNT) is created to provide for a disabled person and still preserve government benefits for that individual (beneficiary). This type of trust allows the disabled to qualify for government benefits, such as Supplemental Security Income (SSI), MediCal, housing and other subsidies, while still inheriting from trust assets. The assets are left under control of a third party, usually called "trustee", who distributes funds according to the beneficiary's needs. Thus, the beneficiary never owns the assets outright, receives benefits from the inheritance and still qualifies for government benefits.
This type of trust is usually needed for a person with special mental or physical needs, i.e., disabilities. The trust sets aside the money to take care of such people without disqualifying them from public assistance, in other words they can inherit money, beyond the much tossed about $2000 fiction. The trust will pay for the normal upkeep, education, travel, vacations, medical care, etc.
If you do not have assets to fund this type of trust, you can buy life insurance and fund the trust that way.
|Areas of Practice:
Commercial Law & Contracts
Mergers & Acquisitions
Science, Computers, & Tech
Wills & Trusts
Estate Planning In San Jose
|We take pride in providing personalized legal services for your individual or business needs. Our practice includes: business start up and funding, business buying and selling, business succession planning, business reorganization, estate planning, power of attorney, end of life decisions, lawsuit protection and debt settlement or consolidation. We are also intellectual property attorneys with experience in electrical, software, mechanical and biotech technologies.