What Is a Special Needs Trust
-
Upload
colleen-sinclair-prosser -
Category
Law
-
view
64 -
download
0
Transcript of What Is a Special Needs Trust
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
WHAT IS A SPECIAL NEEDS
TRUST?
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
DIRECT INHERITANCES
If you use a will to distribute assets, your heirs will be leaving direct inheritances.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
In this presentation, we will look at a number of different taxes.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
This can sound great, but under some circumstances, it may not be
the best choice.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
PEOPLE WITH SPECIAL NEEDS
If you have someone with special needs in your family, you should take pause before you name
this person in your will.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Clearly, you want to provide support.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
However, there may be a better way to go about it.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
HEALTH INSURANCE
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Everyone needs health insurance, but it is particularly important for people with
special needs.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Medicaid is a government health
insurance program.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Many people with disabilities rely
on Medicaid.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
SUPPLEMENTAL SECURITY INCOME
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Disabled people who cannot work often qualify for the Supplemental
Security Income program.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
The purpose of this program is self-explanatory: It serves as an
ongoing source of minimal financial support.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
NEED-BASED PROGRAMS
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Medicaid and SSI are need-based programs.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
You cannot qualify if you have a reasonable store of assets in your
own name.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
LOSS OF ELIGIBILITY
If a person who is enrolled in these programs was to receive an inheritance or a large lifetime
gift, benefit eligibility could be lost.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
SPECIAL NEEDS TRUSTS
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
To help out a loved one with a disability without doing any harm, you could create a special needs
trust.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
The trustee could use assets in the trust to satisfy the supplemental
needs of the beneficiary.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
These would be needs that are not being satisfied by the government
benefits.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Benefit eligibility would not be jeopardized.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
PERSONALIZED INHERITANCE
PLANNING
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
As you can see, you should consider the life situation of every person on your inheritance list when you are
planning your estate.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
SCHEDULE A CONSULTATION
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you would like to discuss your unique family situation with a
licensed estate planning attorney, our firm can help.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Please contact Liane or Laura at 410-573-4818 or 301-970-8080 to
schedule your consultation.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Or visit our website www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo