Special Needs Trust in Chandler
What does it mean to have a Special Needs Trust in Chandler, AZ?
There are different ways that family and friends can protect a loved one with disability and still ensure the best care for them. A Special Needs Trust in Chandler, AZ is one of them. Consulting with an estate planning attorney (also called a wills and trust lawyer) will help you understand what can be done to assure that.
There are restrictions of the amount of assets that a person can own in order to qualify for different types of government assistance. The main goal of a special needs trust is to make sure that the person receiving government funds doesn't jeopardize access to it by receiving extra monetary help. With the correct trust instrument in place we will be able to guarantee that the disabled person will be properly taken care of from a financial point of view.
Who needs a special needs trust in Arizona?
There are different needs that can be classified as requiring a special needs trust. We added a few examples below.
- Individual born with a disability that will require special care;
- Individuals that were victim of an accident and became disabled as a consequence;
- Individuals that have mental health issues and are considered disabled.
Independently of the reason behind a special needs trust we will do our best to ensure that the beneficiary of the trust maintains the same quality of life that they always had.
Types of Special Needs Trust
There are two types of special needs trust in Chandler. The first one is called a First-party Special Needs Trust (F-SNT). The second type is called a Third-party Special Needs Trust (T-SNT). The main difference between the two is the one that they are funded. The beneficiary of the trust stays the same in both cases, it will be the special needs person.
A First-party Special Needs Trust is funded by the person that benefits from the trust, the special needs person. Although counter intuitive this type of trust is common for people that became disable at some point later in their life, like after a car accident happened and a financial settlement was received.
A Third-party Special Needs Trust is funded by someone else other than the special needs person. This type of trust is used by parents or grandparents taking care of a loved one. It is also more common than the First-party Special Needs Trust. The beneficiary of the trust doesn't have any control or even access to the assets inside of the trust. The proceeds from the assets are used to supplement the care of the special needs person that are not covered by the benefits provided by the government.
The Third-part Special Needs Trust tries to ensure that the person that benefits from it can enjoys a productive life. The main concerning with this type of trust is to make sure that the person that benefits from it doesn't lose access to government funds. That is where a competent estate planning attorney will be able to help. Our attorneys are able to handle special needs trust in Chandler with care, making sure that your loved one can enjoy a long, happy and stable life.
How we move forward to create a special needs trust?
The first step is to access if yourself or your loved one will be able to be the beneficiary of a special needs trust in Arizona. We will follow the steps below:
- Call (480)565-8020 and request a free estate planning consultation. You can also schedule it online here.
- Talk to an estate planning lawyer in person to understand the needs of the trust beneficiary and to see if the special needs trust is the correct instrument for that person. We will go over their daily needs, their medical and their financial needs for the future. Also we will go over which types of government assistance they already receive.
- A flat fee for ours services will be offered. If we decide to work together we will then move forward in setting up the trust.
- After a trust is set up we will then need to fund the trust, which can be done by us or by yourself with our guidance.
You can then put your mind at easy knowing that the subject has been taken care of. Talk to a Citadel Law Firm PLLC attorney today.