For loved ones with disabilities
Special needs trusts are a way for families to provide for their loved ones with disabilities in the future. Ensuring that our loved ones with disabilities get the care they need when we are gone is important and creating a special needs trust is one way to do this.
How it works
A special needs trust can be created to protect our loved ones who already suffer from disabilities or just in case a disability occurs. According to the Social Security Administration, it is estimated that a 20-year-old has a 3 in 10 chance of becoming disabled before reaching retirement, making having a special needs trust in place early, important. While our loved ones will likely already have some sort of insurance or sources of support, leaving money to those loved ones can reduce the benefit amount being received. By using a special needs trust, you may be able to benefit your family member without interfering with their government benefits.
In Michigan, there are two types of special needs trusts.
First-Party Special Needs Trust – A first-party special needs trust is funded by assets owned by the person with the disability.
Third-Party Special Needs Trust – A third party special needs trust is funded with assets from a third party, often the parents of the party receiving the trust.
Special Needs Trust Attorney Gaylord MI
When creating a special needs trust many issues need to be considered including estate planning, benefits both means-tested and non-means-tested and tax issues just to name a few. Hiring an attorney who understands these issues is imperative for protecting your future. Harris Law is a special needs trust attorney in Gaylord MI. If you are looking for an attorney in Gaylord MI, contact Harris Law at 231.347.4444 or contact us here to schedule your free consultation.