-- In a recent interview, leading estate planning attorney Michele Ungvarsky, partner at Estrada Law, P.C. in Las Cruces, NM, was asked how parents who are considering a special needs trust, should go about finding the right lawyer.
For more information please visit https://www.estradalawpc.com/
When asked to comment, Ungvarsky said, “Setting up a special needs trust is complicated, but it could be the only solution for many to ensure ongoing quality of life for their disabled children. Here are a couple of questions to make the process go more smoothly."
One of the most crucial questions that parents should ask, according to Ungvarsky, is what the trust will be used for.
“Special needs trusts allow your child to be eligible for much-needed government assistant programs while still receiving trust money. The money in the trust could be used on things not covered by government programs such as insurance, transportation, and equipment such as a customized van,” she said.
Funds set aside in a special needs trust could also be put toward further improving quality of life such as activities like going to the movies or vacation or equipment like computers.
Another question to ask, Ungvarsky says, is how the parents plan to fund the trust.
When asked to elaborate, she commented, “The earlier the trust is created, the easier it will be to start putting money away. If both parents are healthy, then it might be a good idea to make the special needs trust the beneficiary of any life insurance policy or retirement benefits.”
“Parents with special needs children could also consider asking extended family and friends to leave gifts and inheritances to the trust,” she added.
Deciding on who will manage the special needs trust is also essential.
“While you’re alive, you’ll be able to manage the trust, however, after passing, those responsibilities will fall onto someone else to ensure that your trust will be executed as per your wishes,” she commented.
Ungvarsky recommends getting a neutral third-party such as a professional trustee or a team of advisors, instead of opting for family members to manage the trust.
“Many people decide to put their other children in charge of the trusts, but this often leads to complications.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: Estrada Law, P.C.
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com
Source URL: http://RecommendedExperts.biz
Release ID: 353051
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