Gathering documents, listing assets and creating a will is seldom at the top of the preferred activities list for Michigan residents. While a will is beneficial for anyone with assets, estate planning that includes a trust is imperative if you have a special needs child. At Bingham Legal Group PC, we have experience assisting clients in the setup and administration of a variety of trusts, based on your needs.
According to U.S. News & World Report planning ahead and establishing an appropriate special needs trust is critical to ensuring government benefits remain unaffected after your death. You do not need vast wealth to set up and fund an account that can help your child with expenses. Estate planning tools such as these are often put into place when there is a large settlement resulting from an accident or malpractice suit.
Individuals with developmental disabilities have different needs from those who have physical disabilities but can manage the rest of their affairs on their own. Although the funds can pay for things such as education, specialized equipment, and clothing, they cannot go towards food and shelter. As a result of the disparate factors dictating set up, there are complex rules regarding special needs trusts. Not only must they meet state and federal standards, but they also require supervision from the courts.
Deciding whether to have an individual or an organization manage the trust also affects how it is established. Having the correct verbiage within specific documents is critical to ensuring SSD, Medicaid and other government benefits remain intact. Visit our webpage for more information on this topic.