“I hope all his needs are met when I’m gone.”
“What if someone leaves him money in their will and he loses his public benefits eligibility?”
“I know we already have a Trust in place for him, but will it cover everything for his future? I hope I didn’t forget to include something important.”
Have you ever had thoughts like the ones above? If you found these concerns inching their way into the back of your mind, it’s time to take back control! There’s no age limit to creating a Special Needs Trust for your loved one or updating a current one you have in place. So, whether your loved one is a minor or an adult, we can help put plans in place to ensure they receive everything they need.
If you’re a Pennsylvania resident, you’re in the right place. Every state has its own laws regarding these Trusts. We wrote this article with Pennsylvania’s law in mind. And at Auld Brothers Law Group, we’re here to support our local community with developing and maintaining their Pittsburgh Special Needs Trusts throughout their lifetime.
In this article, you’ll learn the value this Trust adds to your life and what you need to do to get started.
5 Reasons a Special Needs Trust Can Give You Peace of Mind
The purpose of a Special Needs Trust is to ensure your loved one receives the care and support they need when you can no longer help them. It also helps to make certain they maintain their public benefits eligibility (Medicaid, SSI, etc.) even if their assets exceed the $2,000 limit. It’s important to note that if a person exceeds the $2,000 asset limit and doesn’t have a Special Needs Trust, they’ll lose their eligibility for government assistance.
If you want to learn more about the planning, drafting, and administration of a Special Needs Trust, read our article on the topic.
Why a Trust is Worth Having
It’s an investment of time and money to set up a Special Needs Trust properly, but having one in place will give you peace of mind (making it worth the investment). Here are five reasons you’ll be glad you have preparations in place for your loved one.
It maintains their government assistance eligibility throughout their lifetime.
It sets rules for their finances to prevent someone from taking advantage of them in your absence.
It protects their assets from creditors.
It prevents assets from being seized from unforeseen lawsuits.
If your loved one marries, then divorces, it will protect their assets from being claimed as marital property.
Documents and Details to Know Before Starting a Trust
Before meeting with an estate planning attorney to set up your Special Needs Trust, ensure the following information is easily accessible.
*If you’re setting up a Trust for a minor, you won’t need some of the listed documents.
- Determine who will be the Trustee of the Trust
- Photo IDs for yourself, your loved one, and the Trustee
- Social security numbers for yourself, your loved one, and the Trustee
- Health insurance information for your loved one
- Copies of your loved one’s:
- Insurance policy
- Last Will and Testament
- Account statements
- Letter of Award from Social Security Administration
- Contact information for yourself, your loved one, and the Trustee
- Address
- Birth dates
- Email addresses
- Phone numbers
- Copies of all legal documents about your loved one’s:
- Power of Attorney
- Guardianship court order and certificate
- Conservatorship court order and medical directives
*Please note this isn’t a comprehensive list, but it’ll help you get started.*
Meet with a Lawyer for Your Pittsburgh Special Needs Trust
Finding the right law firm to work with for your Trust can make the process easy or stressful. You’ll be in good hands if you choose to work with us. Our Firm’s Principal, Rebecca, works with individuals and families in the Pittsburgh community to guide them through the complex legal process of a Special Needs Trust. Our clients trust our firm so much that many of our relationships continue through generations. Contact us to set up a free consultation with Rebecca so we can begin helping you put a Pittsburgh Special Needs Trust in place for your loved one.