Paralegal 101 – Special Needs Trust

Those who wish to leave their assets or money behind to a family member or friend with a disability must set up a trust that will not endanger the person’s benefits. This type of trust is called a special needs trust, and a special needs trust is a critical component of an estate plan for those with special needs beneficiaries. A special needs trust can be set up for several different types of assets by a Phoenix paralegal or other estate planning expert.

A special needs trust must be set up by a Phoenix paralegal

To ensure that a disabled beneficiary’s benefits such as SSI, subsidized housing, Medicaid and others are not cancelled, a Phoenix paralegal should be hired to properly set up a special needs trust. The special needs trust will be set up by a Phoenix paralegal to only cover supplementary needs that government benefits do not cover. By covering supplementary needs, and registering the trust as a separate entity (not under the grantor’s name), the trust can be used to cover extra care for the disabled beneficiary above what the government is capable of providing.

Special needs trusts guarantee the quality of care for a disabled person

A special needs trust, set up with the help of a Phoenix paralegal, is critical to ensuring a high quality of life for a disabled person. In the vast majority of cases, government benefits do not cover everything needed for a disabled person, especially for needs like home and personal care, out of pocket medical expenses, recreation, transportation, rehabilitation, home expenses, and more. A Phoenix paralegal can properly arrange a special needs trust so that it can cover these important areas without cancelling any government benefits.

A special needs trust is an excellent investment

A special needs trust created by a Phoenix paralegal is an excellent investment for an estate owner because it can be set up by a Phoenix paralegal at any time before the disabled beneficiary’s 65^th birthday and it can serve a beneficiary their entire life. It ensures that the beneficiary is taken care of during the life and after the death of the grantor. The cost of hiring a Phoenix paralegal or other estate planning expert to create a special needs trust is also tax deductible.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.