There are two types. A first party special needs trust is a person’s own money. The money is put into the trust to allow another person to manage it for them. A third party special needs trust is someone else’s money. These are usually trusts set up by parents for their children with disabilities.
BENEFIT PRESERVATION
First party Special Needs Trust
If you receive public benefits such as Medicaid, you can only have a small amount of assets. When you receive an inheritance, settlement or other assets that would put you over the program limit, it is important to act quickly. You can plan for receipt of the asset while maintaining your benefits.
A special needs trust is a great tool that helps preserve your funds and your benefits. BURGER LAW has experience with all types of special needs trusts, including self-drafted trusts, Wispact trusts and Life Navigators trusts.
BURGER LAW can help you maintain public benefits after receiving the following:
- A personal injury settlement
- A gift or inheritance
- Social Security backpay
- Sale of a house
- Accumulation of countable assets
We can also explain the difference between special needs trusts and ABLE accounts, and when one or both can be used.
Third Party Special Needs Trust
As the parent or grandparent of a child with a disability, unique planning must be done to set up your estate plan to preserve the child’s public benefits. BURGER LAW LLC helps families when they wish to leave inheritance or make gifts to a person with special needs.
BURGER LAW can help with this estate planning by creating the following:
- Third-party funded Supplemental Needs Trusts
- Community trusts, such as WisPACT or Life Navigators
We can also help parents plan for their child’s 18th birthday. A child turning 18 is a big milestone for every parent, but it becomes even more important when you have a child with a disability. We can help you navigate the different planning options to ensure that your child still has the support they need when becoming a legal adult.
Some options are:
- Powers of Attorney
- Supported Decision-Making Agreements
- HIPAA and School Record Authorizations
- Guardianship or Conservatorship
BURGER LAW will assist with any of these options but strives to make Guardianship a last resort. Our goal is for every individual to maintain as much independence as possible. For this reason, we willingly have discussions with parents, teachers, therapists, employers, social workers, and the adult with a disability to create a comprehensive and successful plan.