Special Needs Trusts Attorneys in Houston Protecting Disabled Loved Ones
Picture for a moment what it might look like if your disabled child didn’t have the money, resources, support, or protection if something happened to you. To add to this, what if your loved one had no say or input as to who would care for them in your absence.
If the mere idea makes you cringe, you should know that this could be the reality for your loved one if you don’t have an estate plan in place, let alone a special needs trust for your special needs child. You have the power to control the outcome to the best of your ability.
Planning for your future is one of the only ways you can protect your family and dictate how you’d like your loved ones and the assets you’ve worked so hard for to be handled and taken care of when you’re gone. And that’s what we do best – we take care of families and offer legal support when they are faced with some of life’s greatest challenges.
We will help you better understand what a special needs trust is and how to choose the best one and properly plan for the future, as well as shed some light on how our special needs trust attorneys can guide you in the process.
If you’ve been thinking about a special needs trust and where to start, take advantage of a free consultation with a special needs trust attorney with The Hatchett Law Firm, PLLC and call today: 281-214-6541.
What is a Special Needs Trust?
A special needs trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits by holding assets that would otherwise make the person ineligible for these benefits.
Setting up a special needs trust ensures that you can provide your disabled loved one with a better quality of life when you’re gone. The reason is that Social Security and Medicaid benefits have strict income and asset requirements for beneficiaries that might be impacted by your death if they were to inherit any assets directly. Instead, your assets can go into a trust that is managed for the benefit of your special needs loved one without affecting their eligibility for government benefits.
There are two types of special needs trusts. As they’re both funded differently, our special needs trusts attorneys with The Hatchett Law Firm, PLLC can help you determine which one is the best fit.
- First-party special needs trust: Funds that come directly from a personal injury lawsuit with your loved one as the victim (that might have caused your loved one’s disability), divorce settlement, retirement, or life insurance proceeds can be used to fund this trust only for supplemental expenses.
- Third-party special needs trust: Assets are provided by a family member. Funds can be used for personal services, entertainment, transportation, and medical costs not covered by insurance.
Careful planning is needed, as well as the right trust structure, so as not to disrupt government benefits. The Hatchett Law Firm, PLLC can aid in special needs planning to ensure your loved one has a stable and reliable income.
How Can I Best Plan for My Special Needs Child?
There are two parts to planning for the future – considering what you do want and what you don’t want. Sometimes, the latter is the most motivating when making decisions about the future seems too overwhelming.
If you have a special needs child, there’s simply more at stake for them if you don’t plan carefully. You can use these suggestions to plan for your special needs child right away:
- Work with a special needs trusts lawyer like The Hatchett Law Firm, PLLC to set up a special needs trust before your child turns 18.
- Consider setting up an education fund for college if that is an appropriate choice.
- At the same time, partner with an estate planner to set up a will or trust to ensure your money, property, and personal belongings are safe and protected.
- Gather and keep a record of medical history and any pertinent documents related to your child or their disabilities
- Incorporate your and your child’s wishes in a letter of intent or letter of guidance with key information on your child’s preferences, specifics related to medical care, treatment, and basic daily needs.
- Work out housing and what this might look like if your special needs child is an adult when you pass. Can they live on their own? Consider all living arrangements, which might dovetail with the legal guardian you choose.
Taking this initial step and putting a special needs trust together will protect your disabled child from further emotional and financial hardship. Call The Hatchett Law Firm, PLLC today, and we’ll help you get started: 281-214-6541.
What Does a Special Needs Trusts Lawyer Do?
Taking care of your family and your special needs child is our priority. And while it’s natural for so many of us to “put it off” until another time, taking baby steps in the right direction will protect your loved ones and ensure their future safety and comfort when you’re gone.
That’s all we can ask for as parents, right?
Our special needs trusts lawyers help you set up a special needs trust for your disabled loved one to ensure important supplemental items taken care of which aren’t covered by government benefits. This includes wheelchairs, handicapped-accessible vehicles and beds, a home, a caregiver, and recreational activities.
Additionally, we help you uncover and answer every unanswered question and concern, including designating the right trustee to manage the trust on your child’s behalf or selecting a legal guardian. We remove the burden of filing all of the necessary paperwork on your behalf. We’re your trusted partner every step of the way.
The Hatchett Law Firm, PLLC isn’t a transactional firm. We’re a compassionate and knowledgeable group that considers the mental, emotional, financial, and physical toll your death will have on your loved one, as well as what a future on their own will look like.
Why Book a Free Consultation with a Special Needs Trusts Lawyer?
Given that under Texas law, a single person must own less than $2,000 of countable assets, your child’s government assistance will be in jeopardy upon your passing if they stand to inherit money, property, and more.
If you want to have a say and a voice in how your disabled loved one is taken care of when you’re gone, a special needs trust is the answer.
Our team starts with careful and thoughtful planning with your and your child’s wishes and needs at the center, and we set up the appropriate trust structure that’s legally enforceable to protect you and your loved one from future legal hassles.
Making a special needs trust a priority will make all the difference in your loved one’s quality of life, and it’s something you can take part in and control the outcome of.
Our knowledgeable estate planning and special needs trusts lawyers understand trust laws and can help you strategize a defensible and holistic plan for your estate, including a special needs trust, as well as a plan for your other hard-earned assets.
Call The Hatchett Law Firm, PLLC today and book a free consultation to start planning today: 281-214-6541.