Special Needs Trusts
Many parents will be faced with some difficult decisions while they are working through their estate planning, especially those parents with a disabled child. There are many choices available, and while most might seem that they would do a good job of taking care of your child, you should know all of the facts before you make your final decision about how your disabled child will be taken care of after you are gone. At the Elder Law Practice of H. Todd Whatley, we can help you sort through all of the options available to you in order to make the best decision for your family. You can find some information about your options on our website, however, the best thing that you can do is to sit down with an attorney who specializes in these matters and is knowledgeable about Arkansas laws pertaining to these issues, and together you can come up with the best options for you and your family.
The lawyers at the Elder Law Practice of H. Todd work specifically with the elderly and their families in Arkansas, helping them sort through issues involving Medicaid, Wills and Trusts, Estate Planning, Probate, and Special Needs Trusts, and the specific Arkansas laws surrounding these topics. We have offices in Benton, Fort Smith, and Springdale, in order to be available to help all of those in the state of Arkansas who are dealing with these important life decisions. We will soon be adding more information concerning Special Needs Trusts and estate planning for parents of a child with special needs. Please do not hesitate to call us and set up an appointment to talk about these very important issues.
What is a Special Needs Trust?
Many times, those who have loved ones with special needs want to support that loved one with financial support but the Medicaid and Social Security rules make that difficult. Those rules state that any money left to that person, even in the form of a general trust, will terminate their benefits since they now have full unrestricted access to that money.
This can be corrected if the money is left in a trust for the benefit of that child. However, it cannot be just any trust. The trust must meet the very strict guidelines set out by the Social Security Administration and by Medicaid.
You should seek an attorney who has special training in the use of Special Needs Trusts. The attorneys at the Elder Law Practice of H. Todd Whatley are members of the Academy of Special Needs Planning and are well versed in the requirements to draft these trusts.
The staff can also help you with other issues that are related to your special needs trust, such as writing a letter of intent for the beneficiary of the special needs trust. This document will communicate and document your preferences for the beneficiary. This Memorandum of Intent is important because it provides a guideline for those who might become responsible for decisions regarding the beneficiary.
Letter of Memorandum of Intent
This memorandum of Intent is an personal letter that is created by you, and it is intended to give your Trustees insight and information regarding services, supports, and other personal matters affecting the beneficiary. This letter is different from a trust in that it is not a legally binding document and it does not convey legally binding directions like the directions in the Special Needs Trust. Rather, this is a personal letter to those who will have responsibility for the beneficiary, and it is meant to compliment the trust. For more information and guidelines on writing your Letter of Intent, Click Here. If you would like help from a member of our staff, please contact us. |