Third Party Special Needs Trusts Attorney
Caring for Your Disabled Family Member or Friend in North Carolina
A special needs trust (also known as a (d)(4)(a) trust or a "supplemental needs trust") helps provide financial support for adults under the age of 65 who cannot take care of themselves due to a mental or physical disability.
If you would like your family member or loved one to receive assets (such as gifts and inheritance) while remaining eligible for Social Security and Medicaid benefits, a special needs trust might be your best option. Armor Trust Attorneys can help you set one up to benefit your loved one.
Third Party Special Needs Trusts
A special needs trust can be set up by someone who does not have a legal obligation to support the beneficiary. Third party special needs trusts are very flexible. Benefits include:
- No government assistance penalties: There are no penalties if the trust receives money or property while the beneficiary is on government assistance. The trust money does not have to go toward paying back Medicaid.
- Can fund with any amount of money: This trust is a good way for a family member to give their loved one money, even if it's only $10.
- Can use to leave inheritances: A third party trust is an efficient way for multiple family members to leave inheritances. A person can write in their will that they would like to give assets to the trust.
- Any third party can set one up: Third party special needs trusts can be set up by anyone who does not have a legal obligation to support the individual with the disability.
- Effective for parents: If your child is disabled, you should wait to fund a special needs trust until he or she is 18 years old. However, you can prepare the trust ahead of time.
- Can include real property: A special needs trust is also a beneficial way to give your loved one or family member real property.
Guardianships
Guardianships are often established at the same time as a special needs trust. A guardian oversees financial and personal decisions on behalf of your family member or loved one.
Counseling You Through Your Major Trust Decisions
Many attorneys steer clear of some of the most daunting trust issues. For example, who should you appoint as your trustee? What happens once the trust is in place?
Lawyer Erica Ferranti counsels her clients on what characteristics make a good trustee. She will discuss your options with you. If any future issues should arise with the trust, she will be there for you.
At Armor Trust Attorneys, you will always speak directly with an attorney. Our clients sleep better knowing that their unique estate planning, taxes and wealth preservation needs are being met. Contact us by calling (919) 571-4398 or send us an e-mail.
