Trusts To Benefit People With Special Needs
Families caring for a loved one with a severe disability know that government programs typically provide only a base level of funding for care and welfare. Many families choose to supplement care with additional financial support to the disabled person or to the organization providing the care. Unfortunately, when the primary supporter dies or can no longer provide the additional financial resources, the supplemental care diminishes.
What Is A Special Needs Trust?
A special needs trust is the single most important way to continue to provide support to your loved one throughout his or her life. A special needs trust is an irrevocable trust that allows you to continue regular distribution to the primary caregiver to ensure that your loved one will continue to receive the level of care you choose without interfering with their government benefits. A settlor establishing a trust may specify the beneficiary and the exact terms of the financial distribution.
If you are concerned about taking care of a loved one with special needs in the East Bay Area, talk to an estate planning lawyer at the Mullin Law Firm in Concord and Walnut Creek, California. We offer more than 35 years of experience helping people find solutions to their long-term asset preservation and estate planning needs.