Special Needs Trusts for Disabled Children and Vulnerable Adults
A Special Needs Trust sets aside money in an account to be used to pay for personal expenses and medical needs of a physically or mentally challenged adult or child. As an estate planning tool, a Special Needs Trust can provide tremendous benefits for families:
- It provides ongoing funds to pay for expenses not covered by medical insurance or other sources. Because the money isn’t controlled by the disabled person, they can still qualify for public benefits, services and programs.
- Parents or family members may be able to reduce their tax liability today by putting funds into a loved one’s Special Needs Trust for future use.
- Special Needs Trusts are managed by trustees, often professionals, who protect, grow and manage the Trusts investments.
Special Needs Trusts are often used to receive funds from a personal injury verdict or an insurance settlement. This money, received as a large lump sum amount, will need to last for the disabled person’s lifetime. Careful management will be essential.
A Special Needs Trust can be set up as a private Trust that is managed with family members as Trustees, or it can be run by non-family Trustees.
Fort Worth Special Needs Trust attorney Tawana H. Gray helps families ensure the medical and financial security of their special needs children through thoughtful, long-term estate planning. It is important that a Special Needs Trust be set up correctly from both a legal and a financial framework. Our firm is prepared to assist you with the critical project. We will show you how it will provide an advantage for your family today and far into the future.
Special Needs Trust Attorney in Tarrant County
Turn to the Law Office of Tawana H. Gray, PLLC, for professional legal help to care for your loved ones when they need it most. To schedule an initial consultation, call 817-270-9975 or contact us online.