Leesburg, VA United States – March 28, 2022 —
Parents need to address three critical areas before setting up a special needs trust, Elder Law attorney Rory Clark revealed this week.
For more information please visit https://legacyelderlaw.com
In an interview, the founder of The Legacy Elder Law Center in Leesburg, VA, said parents need to address what the trust will be used for, how it will be funded and who will administer it.
He said, “Setting up a special needs trust is complicated, but it might be a family’s only option to ensure ongoing quality of life for their child with disabilities.”
Firstly, parents need to consider what the trust will be used for. He said, “Special needs trusts allow a child to be eligible for government assistance while still receiving trust money, but receiving an outright inheritance for a special needs person can result in loss of government benefits like Medicaid and Supplemental Security Income.”
Trust money could be allocated to areas not covered by the government, such as insurance, transportation, equipment, or further improving quality of life for activities, including going to the movies, a vacation or buying a computer.
Clark said another tricky question is how parents plan to fund the trust, asserting, “The earlier a trust is created, the easier it is to start putting money away to benefit your special needs child. If both parents are healthy, you could make the trust the beneficiary of any life insurance policy or retirement benefit.
“Parents with special needs children could also consider asking extended family and friends to leave gifts and inheritances to the trust.”
The question of who will manage the trust also needs to be considered. He added, “While you’re alive you can manage the trust, but who carries those responsibilities after you die? You need someone you can trust who will execute the trust the way you want and intend it to be. Many put their other children in charge, but this can often lead to further complications.”
Clark advised considering a neutral third party, such as a professional trustee or a team of advisors, instead of family members, to manage the trust, depending on its size and complexity.
source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite E, Leesburg, VA 20175
Phone: 703-988-7975
Website: https://legacyelderlaw.com
Release ID: 89072071
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