If you have a child with special needs, you may worry about what will happen to him or her after you are gone. Your child may not be able to support him or herself and you may not want to put the burden on another relative. One of the best things you can do for your child right now is set up a special needs trust. The trust will allow your child to receive financial support without affecting the government benefits they receive. A special needs trust can pay for expenses that are not already covered by government benefits.
Here are some tips for establishing a special needs trust.
Before you see a special needs lawyer about setting up a trust for your child, you should first determine what your wishes are. For example, you may want to figure out how much money your child will need and how frequently you want him or her to receive the money. You may also decide how you want the money used and what will happen to the remaining funds once he or she dies. Write these wishes down in a notebook and share them with your lawyer during your first meeting.
A trustee is the person who will manage the funds in your child’s trust. It is a huge responsibility to be a trustee, so you should appoint someone you completely trust and know is capable of performing the job. It is common for people to choose a trusted relative to serve as the trustee. However, if you can’t find a relative to fulfill the role, you may consider hiring a bank to serve as trustee. You may also want to select alternate trustees if the first trustee can’t fulfill the role anymore.
Like with other estate planning documents, it is possible to set up a special needs trust on your own. However, it may be in your interest to hire a lawyer who specializes in special needs trust. As the legal professionals at Silverman Law Office, PLLC can confirm, the wording in a special needs trust has to be especially clear. If you make even one error, the trust may not do what you intended it to. An experienced lawyer will help you create a valid special needs trust that clearly states your wishes for your child.
Once you have created a special needs trust, it is time to fund it. You can fund the trust with investments, cash or life insurance policies. If you want your child to receive property after you die, you can include it in the trust. Believe it or not, some people forget this step. If you establish a special needs trust and forget to fund it, the trust will be considered invalid.
If your child has recently received a personal injury settlement, you may want to include it in the special needs trust.
“Mr. Glotzer represented me after I was involved in a car accident. I was badly injured,but the insurance company refused to offer me a reasonable settlement. I decided to find an attorney and decided to hire Josh.
His law firm did a great job on my case. They were very responsive to all my questions and obtained a great resolution for me. I received way more money than was originally offered. I would recommend their firm to friends and family.”
“Mr. Josh Glotzer is a great attorney. Over the last 15 years he has helped me on a number of cases with professionalism, and more importantly a positive outcome in my favor. I have referred him to a number of friends and colleagues, all of which have been equally as happy with his legal representation. I trust him and confident in legal ability. I highly recommend his law firm.”
“Don’t try to deal with insurance companies on your own. They strung me along for almost two years before I gave the case to Glotzer & Leib. Josh and his team quickly obtained a settlement that netted me many times what the insurance company was offering. Thank You!”
“My wife was in a car accident last year and Josh did an amazing job representing her. It’s very refreshing to see someone in his profession that actually cares and puts his clients first. He’s the best in the business and I feel so fortunate that I was referred to him. Keep up the great work and thanks for everything you did for my family!”
“I was in a rear end car accident last year and hired Mr. Glotzer’s office. It wasn’t a big case but their office helped me with my property damage claim and did a good job resolving the injury portion of the case as well.”
Helpful information, news about the firm and latest updates
December 14th, 2023
Being involved in a car crash can be a jarring and disorienting experience. It's not just the immediate physical impact; the aftermath of a car accident can bring a slew...
August 27th, 2023
Uber, the popular ride-sharing service, has revolutionized the way people travel. While it offers convenience and accessibility, it also presents certain risks, includin...
August 26th, 2023
Personal injury claims arise when individuals suffer harm due to the negligence or wrongful actions of others. In these legal cases, plaintiffs seek compensation for the...
