06/22/2020 by balloubedell 4 Comments
What is a Special Needs Trust and Do You Need One?
Any parent or spouse who knows that their child or other beneficiary has special needs that will require them to avail themselves to governmental programs (like Maine Care) in the future will want to consider a Supplemental Needs (also known as Special Needs) Trust in their Estate Planning. A Supplemental Needs Trust is specifically designed to ensure that the beneficiary will not be deemed to have inherited assets that could potentially disqualify them for the program they are on. This can be especially important for children who have extreme medical needs and cannot afford to lose that funding. A Supplemental Needs Trust will protect the money so it will be there for the needs of the child/grandchild/beneficiary. It is a very restrictive trust that must last for the rest of that beneficiary’s life. This requires special care when choosing a Trustee and Successor Trustee to oversee the trust. If you think this may apply to your family situation don’t hesitate to call and learn more.
– Kathryn Bedell, Esq.