Estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, details how a special needs trust can protect a disabled child. For more information please visit https://www.haimanhogue.com
Arlington, TX, United States - November 29, 2020 /MM-REB/ —
In a recent interview, estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, detailed how a special needs trust can protect a disabled child.
For more information please visit https://www.haimanhogue.com
When asked for a comment, he said, “While you have many options at your disposal when leaving an estate to your child – such as putting it in an inheritance or handing over your estate to trusted family members – drawing up a special needs trust is the preferred way to protect your disabled child.”
One of the main features of a special needs trust is that it allows for the assets in the trust to be well managed and to provide long-term for a disabled child, according to Garner.
"The children cannot directly access the assets placed in these types of trusts – instead, they must first go through a trustee. Here, the role of the trustee is to dispense the right amount of money at the right time and to also help manage the money so that the assets are spent as you wanted them to be," Garner added.
One of the main advantages of a special needs trust is that it safeguards disabled children from being disqualified from receiving government benefits such as Medicaid and supplemental security income.
“Even though it might seem counterintuitive, giving an inheritance directly to a child who is depending on government aid can be detrimental in the long run, as the inheritance might affect someone’s eligibility for multiple government programs. These programs might include benefits and services needed to help disabled children throughout their lives, such as group or assisted housing, personal care aides, transportation assistance, help in gaining employment, among others," he said.
If, for some reason, these government programs or help is limited, then a special needs trust can offer financial security.
“Knowing that you’re leaving your disabled child with a financial back-up will provide you with peace of mind. Should anything happen with their government assistance, the funds that you leave behind in this type of trust could be made available to your disabled child,” Garner added.
Due to the intricacies of mapping out and executing wishes as part of a robust estate plan, seeking competent legal assistance is of utmost importance.
"Many people make the mistake of thinking that they can simply write down what they want done with their assets and be done with it. However, to execute your wishes, certain legal documents need to be put in place. Establishing a trust – and a special needs trust in particular – can be quite complex, so it’s essential that you speak with an experienced professional to devise a legal plan that works for your disabled child’s specific needs,” Garner said.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com
Source: MM-REB
Release ID: 88986243
