In this Elder Law Minute, Wes Coulson explains why a stand-alone special needs trust is a favorable option to consider when planning for the future of your special needs child.
Stand-Alone Special Needs Trust
Hi, I’m Wes Coulson and this is your Elder Law Minute. If you’re the parent of a special needs child, one of things that you will be considering is how best to provide for your child. The answer is a special needs trust and there are two ways you can accomplish that.
- One is by including a special needs provision in your will or living trust.
- And another is through something that we call a stand-alone special needs trust.
I really prefer stand-alone special needs trusts for this reason: If you’ve set one up, you allow the possibility for other relatives (say your parents, aunt, uncles, siblings) to leave money for that special needs family member through that trust without creating their own. It gives them an incentive to do so and it also means that they will be leaving their money for the special needs family member in a way that’s not going to interfere with their eligibility for benefits. Thanks!
For more on Special Needs Trusts and Special Needs Planning, visit these articles:
- The Advantages of a “Stand-Alone” Special Needs Trust
- Special Needs Planning
- The 9 Most Common Mistakes in Special Needs Planning
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.