Special Needs Trusts
Akron Special Needs Trusts Lawyer
Special needs trusts address two primary needs — to preserve the eligibility of the beneficiary to receive government benefits, for example a senior on Medicaid or an adult child collecting Supplemental Security Income (SSI); and to protect assets that might otherwise be wasted, as in the case of a spendthrift trust. To learn more about our attorney's experience with special needs trusts under Ohio law, contact the Law Office of Margaret H. Kreiner in Cuyahoga Falls.
I can advise you about both first-party and third-party special needs trusts. In a first-party special needs trust the beneficiary's own money or property is to be transferred into trust. In a third-party special needs trust the source of the trust assets could be a gift, an inheritance or an insurance settlement.
People of any age whose physical or mental disability prevents them from earning a living may qualify for government benefits programs of various kinds, with SSI and Medicaid the most common. Because these programs are based on need, it is essential that gifts or bequests be carefully planned so as not to interfere with the beneficiary's eligibility for government benefits.
A special needs trust avoids these problems by making sure that the property is managed and controlled by a trustee rather than the beneficiary. The terms of the trust can be drawn with the eligibility conditions of a given government program in mind, and thus ensure that eligibility will not be disturbed.
The spendthrift trust operates much like a special needs trust, but addresses the situation where the beneficiary who might otherwise inherit a substantial sum lacks the judgment or practical ability to use the assets responsibly. In some cases, the beneficiary's youth or inexperience might make a trust created for a person age 25 or 30 advisable. In other cases, a history of substance abuse or emotional problems might indicate the need for a trust.
The Law Office of Margaret H. Kreiner has served Akron area families with special needs trusts and other estate planning solutions since 1985. To learn more about our ability to address and resolve your estate planning needs, contact our lawyer in Cuyahoga Falls.