What is a special needs trust?

A special needs trust is a planning technique used when a will alone is not enough. A will is great at distributing property after you pass away. However, if you have a disabled beneficiary or you are trying to protect assets from long-term care expenses, a will is not enough. Instead, you should consider a special needs trust to protect your assets. If you fall into either of these two categories, a special needs trust can benefit you because

• You can keep assets in a special needs trust while still taking advantage of government programs that support the special needs person.
• You can leave money to a special needs person without cutting off the government support they are receiving.
• You can preserve assets when needing long-term care so that you can pass that money on to your kids instead of paying everything to the nursing home or to the government.

If you don't have a special needs trust, you could likely end up paying most, if not all, of your money to the government or to a nursing home.

Foundational Documents

A Will

Financial Power of Attorney

Medical Power of Attorney

A Living Will (also called Advanced Directive)

HIPPA

Temporary Emergency Guardianships

Living Trusts

Irrevocable Trusts and Revocable Trusts

Assets Protection Trusts

Real Estate Trusts

Special Needs Trusts

Educational Trusts or Students Trusts

Pet & Gun (NFA) Trusts

Creating An LLC

Creating an LLC is a powerful way to protect your personal assets from business liabilities. By separating your personal finances from your business, an LLC shields your home, savings, and other assets from potential lawsuits or debts related to your business activities. This structure provides peace of mind and a solid foundation for long-term financial security.

Questions your attorney will ask you...

• What's the government program you want to qualify for? ⬜SSID; ⬜Medicaid; ⬜Other state/community-based programs that help pay for people's needs.
• List of assets, including approximate value - if you have investment assets, please bring a recent statement from the brokerage house that holds the assets.
• A recent bank statement.
• List of names, addresses, and phone numbers for those to whom you plan on leaving assets in a will - usually this is children, relatives, or even charities.
• A copy of the deed to any real estate you own - if you can find it.
• Decide who you want to use as your agent under a power of attorney and that person's name, address, and phone number, if not included above.
• Decide who you want to be in charge of distributing your assets upon your death, including that person's name, address, and phone number, if not included above.