Special Needs Planning
Haymond Law seeks to meet the long-term planning needs of families with special needs in Utah. Nearly one in 10 families in the United States copes with the disability of a family member. The costs of ongoing medical care, special equipment and training can be staggering. Without proper asset protection planning, a family member with special needs could lose valuable government benefits and other services, and the family could be forced to spend all it has in taking care of the family member.
At Haymond Law, we work to ensure that families employ the right estate planning tools to protect themselves from the financial burden of providing long-term care for a member with special needs. By setting up a special-needs trust, assets may be set aside for the care of a family member without placing the assets in that person's name. It gives the family control of the assets without disqualifying the beneficiary from receiving funding through government assistance programs.
Special-needs trusts typically provide for:
Medical and dental expenses
Eye examinations and glasses
Food and essential dietary needs
Clothing and other maintenance
Physical rehabilitation and therapy
Assistive devices and equipment
Special-needs trusts must be carefully set up to provide maximum protectionagainst unintended tax consequences and predatory practices by family members and dishonest trustees. Our attorneys and staff have years of experience and leadership in the area of special-needs trusts and living trusts. Talk to us about attending one of our local seminars in your area, or to request a seminar or materials regarding special-needs planning.
Funding a Special-Needs Trust
There are many options for funding a special-needs trust, including:
Stocks and securities
Personal property and real estate
The trust can be named as the owner and/or beneficiary of a life insurance policy. Separate special-needs trusts also can be used to protect personal injury settlements or judgments from jeopardizing government benefit eligibility. Most importantly, special-needs trusts can help parents coordinate their estate plans and provide peace of mind that their children with long-term special needs will be provided for.