Leading Estate Planning Attorney Sam Allen, founder of Law Mom, LLC in Duxbury, MA, explains how important a special needs trust can be and how it can protect a family's disabled child throughout their lifetime. For more information please visit https://lawmom.com
Duxbury, Massachusetts, United States - July 31, 2023 —
A special needs trust can be an effective and efficient way to protect the long-term future of a child with disabilities, Wills and Trusts attorney Sam Allen disclosed in a recent interview.
For more information please visit https://lawmom.com
Sam Allen, the founder of Law Mom, LLC., elaborated: “A Special Needs Trust also known as a Supplemental Needs Trust will help a child with disabilities from losing needs-based government benefits, such as Supplemental Security Income or Medicaid, when they receive an inheritance.”
She detailed: “There are numerous options in passing down an estate to a child, such as leaving an inheritance or placing an estate with close family members.”
“Contrary to what many think, leaving an inheritance to someone reliant on needs-based government assistance can do more harm than good. An inheritance can negatively impact a child’s ability to qualify for certain programs, or worse, interrupt services that provide stability and safety in the child’s life.”
These programs include services that a child with disabilities might require throughout their lifetime, such as assisted or group housing, employment support, personal care aides, assistance in transportation and specialized medical services.
She said: “If government support is restricted or limited in some way, a Special Needs Trust can provide financial security and ensure a minimum standard of living for the child. If for any reason a child can no longer benefit from public assistance fully, the money held in a trust can act as a backup of funds that can be made available to them.”
Setting up a Special Needs Trust can also ensure trust assets are well-managed and work to benefit the child over the long term.
Allen said: “One of the main features of a Special Needs Trust is that assets held there are not directly available to the child. They must first be released by a trustee, who can also act as the child’s money manager to ensure the funds are spent as intended.”
She recommended parents consult an attorney who specializes in developing well-drafted and clear Special Needs Trusts.
As a mother of a child with unique medical needs, Allen understands how expensive medical care can be and the importance of creating an effective trust to protect her child's financial future. “Contacting a law firm that specializes in special needs planning to create a comprehensive legal plan for you and your child is probably the best starting point”, she said. ‘’They can then outline all the options and help parents build a robust and effective trust.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Allen
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Organization: Law Mom, LLC
Address: 5 Chestnut Street UNIT 101 Duxbury, MA 02332
Phone: (781) 327-6070
Website: https://lawmom.com
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