Do you have a loved one with special needs, and you’d like to enhance their life with a financial gift? Before you give money or other assets directly to your loved one, there are some important legal considerations you should know. Many of these individuals rely on government programs for medical care, housing, and food assistance, so giving your loved one money or property outright may jeopardize their eligibility for financial needs-based assistance. There is a solution: A Special Needs Trust (SNT). Our Severance, CO special needs trust lawyer can help you create a trust to benefit your loved one and preserve their benefits eligibility. Call W.B. Moore Law today for a consultation.
Special Needs Trust Lawyer Severance, CO
Many people with special needs or disabilities rely on government-sponsored programs, like Medicaid and Medicare, SNAP, vocational training and educational programs, and a housing stipend. These programs are needs-based. Recipients must maintain a monthly income and asset limit below a certain amount. These programs provide quite a lot for people with special needs, but they don’t cover everything. Certain medical and dental procedures, durable medical equipment, some types of education and training, and other life-enhancing goods and services (including some types of personal caregiving services) aren’t covered. You may wish to purchase certain items for your loved one or pay for in-home caregiving and personal care, but be careful. Giving your loved one a lump-sum payment or a monthly stipend could render them ineligible for a financial-needs-based program.
Instead, consider creating a Special Needs Trust, naming them as the beneficiary. This type of trust differs from other kinds of trusts in that the beneficiary has no control over the assets in the trust. So, legally, they don’t own any of the money or property in the trust. You (and anyone else who wishes) can contribute more to the trust, to benefit your loved one.
SNTs can be used to pay for things like modifications to your loved one’s home or vehicle to accommodate their disability, as well as other equipment and services that pick up where SNAP and Medicare leave off. Our Severance special needs trust lawyer sets up the trust to ensure that your loved one receives benefits and that they receive the items and care they need for a more fulfilling and independent life.
Why Our Experience Matters in SNT Cases
Creating a special needs trust is different from creating other types of trusts. For it to be effective, it must comply with Colorado and federal guidelines for this type of estate planning document; otherwise, any distributions from the trust may affect the beneficiary’s governmental benefits. Our Severance special needs trust lawyer can create an effective SNT to meet your loved one’s needs, and ensure it remains compliant with state laws so it enhances your loved one’s life without jeopardizing their benefits eligibility.
- Firm founder William B. Moore has practiced law since 1982, delivering long-standing legal expertise in estate planning and probate
- Mr. Moore has earned a reputation as a trusted business law attorney in Colorado
- Our law firm enjoys a five-star rating on Google due to dozens of positive reviews
- Our attorneys emphasize a client-first approach to estate planning and business law services
- We have been recognized as a Three Best Rated law firm for multiple years
How can we help you help your loved one with special needs? Call W.B. Moore Law today for a consultation.