Vincent, Romeo & Rodriguez, LLC
Denver Metro Office 303-500-5859
Boulder County Office 303-720-7260

The importance of creating a special needs trust

All parents, somewhere in their minds, recognize that they will not always be around to care for their child(ren). Many parents hope that by the time they are no longer around, their children will be sufficiently independent to care for themselves. Parents of children with special needs are not always able to share that hope. In order to help ensure that children with special needs will be financially provided for as they get older, parents of special needs children may want to consider setting up a special needs trust.

Trusts of all sorts are commonly used in estate planning. A trust can be composed of any assets, though property and money are the two most commonly used to fund a trust. While trusts can be managed by the people who created them, they are usually managed by a third party, a trustee. The person who ultimately receives the assets held in the trust. Trusts are most commonly created for tax reasons, though there are plenty of other reasons to create a trust.

Your loved one with special needs is likely eligible for government assistance, subsidized housing, Medicaid and other resources. If, however, he or she comes into a substantial sum of money or property, via an inheritance, for example, he or she may no longer be qualified to receive those necessary support funds and services. Trust assets, however, will not disqualify your loved one.

It is important to word a special needs trust correctly. For instance, a special needs trust should state that the trust funds are to be used to provide support over and above that provided by the government. The trust document requires references to specific parts of particular manuals and explanations about exceptions. A lawyer knowledgeable about setting up special needs trusts can help you create a trust that will ensure your loved one is well-provided for.

No Comments

Leave a comment
Comment Information

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Information

Louisville Office
1070 West Century Drive
Suite 200
Louisville, CO 80027

Phone: 303-720-7260
Fax: 303-604-6052
Map & Directions

Englewood Office
5460 South Quebec Street
Suite 333
Englewood, CO 80111

Phone: 303-500-5859
Fax: 303-723-8814
Map & Directions