Special circumstances require additional consideration when thinking about estate planning. When family members have a mental disability, physical impairment or other special circumstance you may need additional financial safeguards in place to ensure the family member has the financial resources to sustain a quality of life he or she is accustomed to living. A special needs trust is effective in providing this level of protection.
Special needs trusts ensure proper funding and asset preservation for things such as:
- Educational costs
- Medical treatments
- Mental and/or physical rehabilitation
- Transportation needs
- Food and living expenses
Types of Special Needs Trusts
Since this is a highly specialized area of estate planning law, you’ll want to seek the counsel and assistance of an experience estate planning attorney. An experienced estate planning lawyer will be able to assess your goals and special needs in order to determine the best type of special needs trust. The most common types of special needs trusts include:
- Supplemental Needs Trusts
- Self-Settled Supplement Trusts
- Third Party Funded Special Needs Trusts
There are specific limitations to special needs trusts, so be sure to work with attorney familiar with special needs trusts. With more than 30 years of estate planning experience, attorney Michael Watkins has the knowledge and expertise to create an estate plan c
