In a recent interview, leading estate planning attorney Fred Haiman, founding partner at Haiman Hogue, Frisco, TX detailed how a special needs trust can protect a disabled child throughout their lifetime and why estate planning lawyers should advocate this strategy where possible. —
For more information please visit https://www.haimanhogue.com
“There are several options in passing down your estate to a child, such as leaving an inheritance or placing an estate with close family members, however, the best way to ensure long-term protection for your disabled child is by setting up a special needs trust.”
The main reason is that special needs trusts prevent a disabled child from losing government benefits such as supplemental security income or Medicaid.
When asked to elaborate, Haiman commented, “Contrary to what many think, leaving an inheritance to someone who is reliant on government assistance can do more harm than good. An inheritance negatively impacts a child’s ability to qualify for certain programs.”
Included in these programs are services that a family's disabled child might need throughout their lifetime such as assisted or group housing, employment support, personal care aides, assistance in transportation and specialized medical services.
If government support is restricted or limited in some way, Haiman says, a special needs trust can provide financial security.
“If for any reason your child is no longer able to fully benefit from public assistance, the money held in this type of trust will act as a source of backup funds that can be made available to your child.”
Setting up a special needs trust can also ensure the trust assets are well managed and work to the benefit of a disabled child for the long term.
“One of the main features about a special needs trust is that the assets held in the trust are not directly available to the child, but must first be released by a trustee. In addition to dispensing the money, a trustee also acts as a child’s money manager to ensure the funds are spent as intended,” he said.
Haiman added that properly setting up a well drafted special needs trust to carry out a family's wishes can be tricky, so consulting a professional estate planning attorney is essential.
“It’s not enough to simply write down what you want done with your estate. The best thing to do is to contact a lawyer who works exclusively in this area so that he or she can assist you in mapping out a legal plan that’s best for you and your disabled child,” he said.
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Source URL: http://RecommendedExperts.biz
Release ID: 88935525