What Is a Special Needs Trust
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If you have someone with special needs in your family, you should take pause before you name this person in your will. Learn more about special needs trust in this presentation.
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What Is a Special Needs Trust
- 1. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF WHAT IS A SPECIAL NEEDS TRUST?
- 2. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF DIRECT INHERITANCES If you use a will to distribute assets, your heirs will be leaving direct inheritances.
- 3. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF In this presentation, we will look at a number of different taxes.
- 4. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF This can sound great, but under some circumstances, it may not be the best choice.
- 5. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF PEOPLE WITH SPECIAL NEEDS If you have someone with special needs in your family, you should take pause before you name this person in your will.
- 6. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Clearly, you want to provide support.
- 7. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF However, there may be a better way to go about it.
- 8. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF HEALTH INSURANCE
- 9. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Everyone needs health insurance, but it is particularly important for people with special needs.
- 10. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Medicaid is a government health insurance program.
- 11. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Many people with disabilities rely on Medicaid.
- 12. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SUPPLEMENTAL SECURITY INCOME
- 13. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Disabled people who cannot work often qualify for the Supplemental Security Income program.
- 14. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The purpose of this program is self- explanatory: It serves as an ongoing source of minimal financial support.
- 15. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF NEED-BASED PROGRAMS
- 16. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORFMedicaid and SSI are need-based programs.
- 17. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF You cannot qualify if you have a reasonable store of assets in your own name.
- 18. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF LOSS OF ELIGIBILITY If a person who is enrolled in these programs was to receive an inheritance or a large lifetime gift, benefit eligibility could be lost.
- 19. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SPECIAL NEEDS TRUSTS
- 20. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF To help out a loved one with a disability without doing any harm, you could create a special needs trust.
- 21. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The trustee could use assets in the trust to satisfy the supplemental needs of the beneficiary.
- 22. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF These would be needs that are not being satisfied by the government benefits.
- 23. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Benefit eligibility would not be jeopardized.
- 24. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF PERSONALIZED INHERITANCE PLANNING
- 25. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF As you can see, you should consider the life situation of every person on your inheritance list when you are planning your estate.
- 26. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SCHEDULE A CONSULTATION
- 27. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you would like to discuss your unique family situation with a licensed estate planning attorney, our firm can help.
- 28. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Please contact Liane or Laura at 410-573-4818 or 301-970-8080 to schedule your consultation.
- 29. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Or visit our website www.sinclairprosserlaw.com Nicole Livingston Jon J. Gasior Colleen SinclairProsser Victor A. Lembo