Special Needs Trusts

Trusts Lawyer in Thousand Oaks

A special needs trust, which may also be referred to as a supplemental needs trust, is a type of trust that is established for a person who is receiving government benefits. The purpose of the trust is to provide funds for an incapacitated person without disqualifying them from receiving said benefits.

An inheritance or gift may disqualify the disabled individual from receiving government benefits, which is why it may be beneficial for a family member or loved one to establish a special needs trust. A special needs trust allows the disabled person to benefit from the assets placed in the trust, while maintaining their eligibility for government benefits.

Our Thousand Oaks estate planning attorney has years of experience creating special needs trusts for clients with disabled loved ones. Schedule an appointment to meet with one of our lawyers today!

Why establish a special needs trust?

Special needs trusts ensure that a disabled loved one receives extra care beyond what the government provides. If a special needs trust is drafted properly, it will work on a sliding scale. This means that if the government happens to provide 100% for the disabled individual, the trust will not provide anything. If the government does not provide anything, the trust will provide 100%.

Most people fall somewhere on the sliding scale, and the trust covers what the government does not provide. A special needs trust must state that it is intended to provide supplemental and extra care over and above that which the government provides. It must also clearly state that the trust is not a basic support trust or the assets of this trust would disqualify the special needs beneficiary from their public benefits.

Assistance with Special Needs Trusts

A special needs trust must be established before the disabled individual turns 65 years old. Most parents create a special needs trust when the child is young, in the event that they unexpectedly pass away.

If you have a child or loved one that has a disability, and you wish to establish a special needs trust, please feel free to contact one of our attorneys at Pederson Law Offices today at (805) 372-1507.

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