Special Needs Trusts
Special Needs Trusts are created so beneficiaries do not lose governmental benefits when caretakers leave money to take care of them.
Va Beach Office
Phone: (757) 481 6600
Fax: (757) 496 9063
1432 N Great Neck Rd, Suite 101
Va Beach, VA 23454
Phone: (571) 970 3317
Fax: (571) 970 3219
3100 Clarendon Blvd, Suite 630
Arlington, VA 22201
If you or a loved one is in need of legal assistance, call Paulson & Paulson, P.L.C. at our Virginia Beach office by dialing (757) 481-6600 or our Arlington office by dialing (571) 970-3317
Special Needs Trusts Lawyers
What is a Special Needs Trust?
Special Needs Trusts are made specifically to benefit individuals who possess physical or mental disabilities. This group also includes individuals who lack the ability or capacity to manage their own medical or financial affairs. The main reason that Special Needs Trusts are created is to ensure that the beneficiaries do not lose their governmental benefits.
Individuals with various disabilities often receive governmental benefits such as Supplemental Security Income (SSI), medical or vocational rehabilitation, and subsidized housing. Often times well meaning parents of grandparents make the mistake of leaving assets to their disabled loved ones though a Will, Revocable Living Trust, or as a beneficiary of a retirement fund, or an insurance polity. These bequests often create a problem for the disabled beneficiary because assets such as sums of money can easily disqualify the loved one from their government assistance.
By setting up a Special Needs Trust for the disabled loved ones, this mistake can be avoided. Because the trustee has total control of the Trust and not the Beneficiary, this asset is not included as an asset of the disabled individual, and consequently does not disqualify them from receiving their governmental benefits.
If you have a loved one who is disabled and receiving governmental benefits and you intend to include then as beneficiaries in your Will and would like to learn more about Special Needs Trusts then contact the law form of Paulson & Paulson, PLC to find out if a Special Needs Trust should be incorporated into your estate and estate plan. Call our office at (757) 481-6600 in Hampton Roads or at (571) 970-3317 in Northern Virginia.