A special needs trust, or supplemental needs trust, allows you to put aside money for a loved one with special needs to provide for that individual should you pass or become incapacitated. Often these individuals require great care and costly treatment, which they may or may not be currently accepting assistance to cover. These trusts allow funds to be disbursed over time to help cover living expenses and other care.
Government programs, including Medicaid or Social Security Disability, can be complex, and can be compromised should the individual come into money, such as an inheritance. For instance, Medicaid requires that the individual have few assets and little money. Should a family member leave him or her a lump sum of money, Medicaid would probably quit providing assistance, according to its accountable asset rule. This is also true for children who turn 18. They must be considered poor when coming of age to qualify for Medicaid and assistance for medical costs.
Special Needs Trust Attorney
At Law Office of Troy M. Moore, PLLC, we will help you understand these complexities and create a trust that still provides for the individual without disqualifying him or her from assistance. A special needs trust or supplemental trust will allow the money to be disbursed slowly to help cover living expenses and other costs without putting the individual over the required limit of assets. It also ensures that the individual is not left with a lump sum of money he or she may not be able to manage.
Attorney Troy Moore will guide you through this process, taking the time to understand the needs of your loved one and how he or she can best be cared for should you no longer be able to provide care. Our lawyers will also help you explore guardianship arrangements.
To learn more about how we can help you establish a special needs trust and guardianship arrangement for your loved one, please contact our Houston, Texas, law firm today at:
Our office hours are 8:30 a.m. to 5 p.m. and we provide a free phone consultation to all prospective clients.