Nearly one in 10 families in the United States copes with the disability of a family member. The costs of ongoing medical care, special equipment and training can be staggering. Without proper asset protection planning, a family member with special needs could lose valuable government benefits and other services, and the family could be forced to spend all it has in taking care of the family member.
At the law firm of Marrs & Terry, PLLC, our lawyers work to ensure that families employ the right estate planning tools to protect themselves from the financial burden of providing long-term care for a member with special needs. By setting up a special-needs trust, assets may be set aside for the care of a family member without placing the assets in that person's name. It gives the family control of the assets without disqualifying the beneficiary from receiving funding through government assistance programs.
St. Clair Shores Trusts Attorneys
Special-needs trusts typically provide for:
- Medical and dental expenses
- Eye examinations and glasses
- Transportation costs
- Food and essential dietary needs
- Clothing and other maintenance
- Education
- Insurance
- Physical rehabilitation and therapy
- Assistive devices and equipment
Special-needs trusts must be carefully set up to provide maximum protection against unintended tax consequences and predatory practices by family members and dishonest trustees.
The trust can be named as the owner and/or beneficiary of a life insurance policy. Separate special-needs trusts also can be used to protect personal injury settlements or judgments from jeopardizing government benefit eligibility. Most importantly, special-needs trusts can help parents coordinate their estate plans and provide peace of mind that their children with long-term special needs will be provided for.
Contact Our Ann Arbor Special-Needs Trusts Attorneys
For more information regarding special-needs trusts in Michigan, contact us at Marrs & Terry. Call us toll free at 866-665-8095 or e-mail the law firm to schedule a consultation.
