There are more than 400,000 people living with Down syndrome in the United States.
10% of Americans have a family member with some sort of intellectual disability.
The lifetime cost of caring for just one individual with autism can be as high as $2.4 million.
A Special Needs Trust (also called a Supplemental Needs Trust) is a way to provide financial security for your child with special needs, and help ensure a better quality of life. The trust consists of investments that provide detailed instructions for the care of your child who may not be able to support themself.
Why you need a special needs trust plan
A Special Needs Trust plan enables a person with a physical or mental disability to have an unlimited amount of assets, as long as they are held in Trust and used appropriately for his or her benefit. This is important because Special Needs Trust funds are not counted for the purposes of qualifying for certain government benefits – benefits that, if lost, would be financially devastating to the individual living with a disability.
Why you need a special needs trust attorney to help you with the plan
The trust must be properly drafted and administered by a special needs trust attorney in order for it to qualify as non-countable. The following are some of the issues and factors that need to be assessed and analyzed prior to the drafting of a special needs trust:
- The age of the beneficiary
- Nature of the disability and its anticipated duration
- Functional abilities and limitations of the beneficiary:
- Can he/she look after their own hygiene,
- Can he/she cook and clean,
- Can he/she handle their own finances
- Can he/she live by themselves
- Can he/she participate in decisions to be made
- Is he/she employed, duration of employment and current salary
- Level of Education
- Has he/she received any special training to be employable
- Current living arranges and needs for the future
- Any government benefits received by the beneficiary
- Anticipated future needs of the beneficiary
- Financial resources available
Contact our lawyers in Plano to find out how we can help you with our special needs trust planning services.
