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Special Needs Planning

Protection And Advocacy Matter

The Law Office of Sylvie Richards, PLLC is honored to represent and work on behalf of special needs clients and their families. A special needs client is an adult or child with mental, physical, emotional, and/or medical disabilities. These persons require extra care and protection from financial and other abuses.

Strategizing A Special Needs Trust Or Supplemental Needs Trust

Expert planning through a third-party irrevocable Special Needs or Supplemental Needs Trust will provide indirectly for a special needs individual beyond government benefits such as education, medical, and therapeutic programs. For instance, food, shelter, clothing, and quality of life items can be covered via an irrevocable trust.

  • A Special Needs Trust is set up for a disabled person under the age of 65 using his or her own assets.

  • A Supplemental Needs Trust is set up for a disabled person under age 65 by a third party using the third party’s assets and not the disabled person’s assets.

What Are The Benefits Of A Third-party Irrevocable Trust?

  • Assets are fixed for the care of the special needs individual. Costs of care will rise over their lifetime. Therefore, the Trust must be funded to the fullest extent possible.

  • Parents/guardians may not remove assets for their own care.

  • Neither the government nor creditors can touch the assets in this Trust.

Is There A Trust For A Mentally Capable Special Needs Person?

A First-party (Donor) Revocable Trust can be created for a mentally capable special needs person. Benefits and drawbacks to this type of Trust include:

  • Assets can be added or subtracted over time.

  • Donor has full control of their assets.

  • Attention must be paid to ensure the Trust remains fully funded to meet the rising costs of care.

  • The trust becomes irrevocable when the donor becomes mentally incapacitated.

  • The assets can be reached by creditors, including Medicaid, until the trust becomes irrevocable.

  • May have major tax and estate implications

Signing a Contract

Let The Law Office of Sylvie Richards, PLLC Guide You Through This Process

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