Elizabeth O. Lawrence
Clients who have family members (minor children or adults) with special needs will benefit from learning about various planning options. An unexpected inheritance or litigation proceeds may jeopardize the valuable means-tested government benefits these individuals may be receiving. A special needs trust enables you to ensure that your loved one remains eligible for these government benefits, while preserving assets that can be used to enhance the lifestyle and care of the disabled person. The government benefits so crucial to these family members include Medicaid and Supplemental Security Income (SSI). Special needs trusts may be set up by parents, grandparents, family members, or the special needs individual. At K&L, we can help you to establish a special needs trust and will advise your trustees regarding appropriate administration of the trust once it is funded.