Title
Special Needs Trusts : Protect Your Child s Financial Future
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A special needs trust can benefit anyone over 65 and anyone of any age with a disability that makes them eligible for federal SSI and Medicaid benefits. There are really two types of special needs trusts: Thirdparty trusts, which contain property that came directly to the trust from third parties, and Selfsettled trusts, which contain property that legally belonged to the trust beneficiary before the trust was created. This book covers both and much more.
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- Q: What is a special needs trust? A: A special needs trust is a legal arrangement that allows you to leave money or assets to a disabled loved one without affecting their eligibility for government benefits.
- Q: Who can benefit from a special needs trust? A: Individuals with disabilities, such as children or adults who need assistance, can benefit from a special needs trust by receiving funds that improve their quality of life without losing access to essential government support.
- Q: How does a special needs trust work? A: A special needs trust is funded by assets or money that you set aside, which can be used for expenses that government benefits do not cover, ensuring your loved one has additional financial support.
- Q: What types of expenses can a special needs trust cover? A: A special needs trust can cover expenses such as medical care, personal care attendants, transportation, recreational activities, and other needs that enhance the quality of life.
- Q: Do I need a lawyer to create a special needs trust? A: While it's not mandatory, consulting with an attorney who specializes in special needs trusts is advisable to ensure the trust is set up correctly and complies with applicable laws.
- Q: Can I modify my will or living trust to include a special needs trust? A: Yes, you can create a special needs trust by modifying your existing will or living trust documents, allowing you to incorporate your wishes regarding your loved one’s financial future.
- Q: What is included in the book 'Special Needs Trusts'? A: The book provides forms, plain-English explanations, and guidance on creating a special needs trust, along with a formal letter to the trustee and tear-out forms on a CD-ROM.
- Q: Is this book suitable for someone with no legal background? A: Yes, 'Special Needs Trusts' is written in plain English, making it accessible for individuals without a legal background who want to understand how to set up a trust.
- Q: What condition is the book in if listed as 'Used Book in Good Condition'? A: A 'Used Book in Good Condition' means that the book may show signs of wear but is still functional and readable, providing all necessary information.
- Q: When was 'Special Needs Trusts' published? A: The book was published on January 1, 2005.