Create a Special Needs Trusts

Caring for a disabled child takes its toll a family's finances. Worrying about Social Security Disability and Medicaid eligibility plagues families. A special needs trust allows a family to use money from a child's inheritance or personal injury suit to pay for daily expenses, while not disqualifying the child from public assistance. To find out how you can create a special needs trust, call Donna J. Jackson, Attorney at Law, P.C. at 405-840-1874. Ms. Jackson represents residents of the counties of Oklahoma, Cleveland, and Canadian.

Two common types of special needs trusts:

• Self-Settled Special Needs Trust: A special needs trust will ensure that developmentally disabled and mentally ill beneficiaries have access to their property held from them in trust. Holding this property in trust means that it is not in the name of the individual. This protects a person's eligibility for important government benefits.
• Third Party Special Needs Trust: Under this type of special needs trust, you give money to benefit a disabled family member without your contribution affecting their eligibility for government benefits. You can gift money to a special needs trust throughout your family member's life and name that trust as a beneficiary under your will.

Being proactive about inheritances and settlements will protect your family member's money. Before receiving this money, it is wise to create a special needs trust fund. Depositing those monies into a trust fund prevents the state from taking the money from disabled or mentally ill individuals. Attorney Donna J. Jackson will create a special needs trust specifically for your loved one.

Besides the benefits to government aid eligibility, creating a special needs trust contains other positive things to consider. A special needs trust does not require a court appointed guardian to care for a disabled person's finances. A special needs trust also should contain provisions about durable powers of attorney and living wills. These are all essential to a complete and thorough estate plan.

To learn more about how a special needs trust works, call Donna J. Jackson, Attorney at Law, P.C. in Oklahoma City, at 405-840-1874. Submit your questions by filling out the attached contact us form.