Arizona Special Needs Trusts: What You Need To Know
A Special Needs Trust Is An Ideal Tool For Managing Care For A Disabled Family Member
When structured correctly, it can provide such supplemental items as therapy, companions, education or respite care for caregivers without interfering with the beneficiary’s government assistance programs. A Special Needs Trust can work extremely well when it is drafted to be flexible through customized language.
An attorney experienced in creating these can meet eligibility rules and assure that the administration of the trust is properly executed:
- When someone creates a one size fits all special needs trust, problems may arise. Here are some of the potential pitfalls that can occur when a special needs trust is not drafted correctly:
- If the person drafting the special needs trust does not know when to put a “pay-back” provision and when not to, a family can end up losing hundreds of thousands of dollars.
- If the special needs trust is not drafted with the child’s needs in mind, problems may arise in the administration of the trust.
- To be certain the rules around Medicaid, Supplemental Social Security Income and Section 8 housing are not taken into consideration, eligibility could fall into question.
When Do You Need An Special Needs Trust Attorney?
There are times when some legal matters may be able to be managed without an attorney. Special needs trusts are complicated and often require a specialized attorney. What’s more is there are rules governing how the trustee must act. And these rules can be confusing and complicated. Understanding how to file taxes and provide the required accounting while paying attention to public benefits rules and how the trust’s expenditures impact the beneficiary are vital.
If your family is facing these matters, contact our office to learn more about how a Special Needs Trust can help your family member and call our office today at (480) 418-8448.
A Special Needs Trust Is An Ideal Tool For Managing Care For A Disabled Family Member
When structured correctly, it can provide such supplemental items as therapy, companions, education or respite care for caregivers without interfering with the beneficiary’s government assistance programs. A Special Needs Trust can work extremely well when it is drafted to be flexible through customized language.
An attorney experienced in creating these can meet eligibility rules and assure that the administration of the trust is properly executed:
- When someone creates a one size fits all special needs trust, problems may arise. Here are some of the potential pitfalls that can occur when a special needs trust is not drafted correctly:
- If the person drafting the special needs trust does not know when to put a “pay-back” provision and when not to, a family can end up losing hundreds of thousands of dollars.
- If the special needs trust is not drafted with the child’s needs in mind, problems may arise in the administration of the trust.
- To be certain the rules around Medicaid, Supplemental Social Security Income and Section 8 housing are not taken into consideration, eligibility could fall into question.
When Do You Need An Special Needs Trust Attorney?
There are times when some legal matters may be able to be managed without an attorney. Special needs trusts are complicated and often require a specialized attorney. What’s more is there are rules governing how the trustee must act. And these rules can be confusing and complicated. Understanding how to file taxes and provide the required accounting while paying attention to public benefits rules and how the trust’s expenditures impact the beneficiary are vital.
If your family is facing these matters, contact our office to learn more about how a Special Needs Trust can help your family member and call our office today at (480) 418-8448.
