Leaving money or property to a loved one with a disability poses special considerations. Leaving property to those receiving Supplemental Security Income or Medicaid benefits without proper planning could jeopardize their ability to receive those benefits. A special needs trust, or what’s sometimes called a supplemental needs trust, should be used in such instances to help protect those loved ones. Our Oklahoma City estate planning attorneys have the skill to address all of your unique needs.
Contact us today to speak with our skilled, experienced team of attorneys and get peace of mind knowing that your family will continue to receive the assistance they need.
As opposed to leaving assets to the beneficiary directly, the assets are left to the special needs trust which will then be controlled by the Trustee identified by you. The Trustee will be tasked with ensuring the proceeds of the trust are only used for those goods and services that do not jeopardize your loved one’s eligibility to receive SSI or Medicaid.
Special needs trusts are often used to receive settlement funds following a personal injury case where the injured party is receiving SSI or Medicaid assistance. Every state law relating to special needs trusts is different therefore you should consult an attorney familiar with special needs trusts for additional information relating to your unique needs.
At Smith Simmons, PLLC, we know how important it is to be certain that your loved ones with disabilities are given all the tools they need to continue receiving the help they need even after your passing. Our professional and highly skilled team has everything you need to put a trust in place that can help protect them for years to come.
Schedule an appointment today with our Oklahoma City estate planning attorneys by calling us at (855) 973-8877.