Special Needs Trusts
Ensuring the Future Care and Support for Your Loved Ones
At Achli & Morgan Legacy Planning, we understand the unique challenges faced by families with special needs members. Special needs trusts are essential tools that ensure the future care and support of individuals with disabilities without compromising their eligibility for government benefits. Our team is dedicated to providing compassionate and comprehensive solutions tailored to the specific needs of your loved ones.
What is a Special Needs Trust?
A special needs trust (SNT) is a legal arrangement that allows you to set aside assets for the benefit of a loved one with disabilities without affecting their eligibility for means-tested government programs such as Medicaid and Supplemental Security Income (SSI). These trusts are designed to provide financial support for the beneficiary's supplemental needs, enhancing their quality of life while preserving their access to essential services.
Types of Special Needs Trusts
At Achli & Morgan Legacy Planning, we offer expertise in creating various types of special needs trusts, including:
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First-Party Special Needs Trusts: Also known as self-settled trusts, these are funded with the assets of the person with disabilities, such as an inheritance or personal injury settlement. First-party SNTs are subject to Medicaid payback provisions, meaning that any remaining funds must be used to repay Medicaid upon the beneficiary’s death.
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Third-Party Special Needs Trusts: These trusts are funded with assets from a third party, such as parents or other family members. Third-party SNTs are not subject to Medicaid payback, allowing the remaining assets to be distributed according to the trust's terms upon the beneficiary’s death.
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Pooled Special Needs Trusts: Managed by nonprofit organizations, pooled trusts combine the resources of multiple beneficiaries for investment purposes while maintaining separate accounts for each individual. Pooled SNTs can be either first-party or third-party, providing a cost-effective option for families.
Benefits of Special Needs Trusts
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Preservation of Benefits: SNTs ensure that your loved one can continue to receive essential government benefits while also benefiting from additional financial resources.
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Quality of Life: Funds in an SNT can be used for a wide range of supplemental needs, such as medical care, education, transportation, recreation, and other personal needs that improve the beneficiary's quality of life.
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Asset Protection: SNTs protect the beneficiary’s assets from creditors and legal claims, ensuring long-term financial security.
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Peace of Mind: Knowing that your loved one’s future is secure provides peace of mind for you and your family, ensuring that their needs will be met even when you are no longer able to provide support.
Our Approach
At Achli & Morgan Legacy Planning, we take a personalized approach to creating special needs trusts. Our process includes:
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Comprehensive Consultation: We begin with an in-depth consultation to understand the unique needs and goals of your family and the beneficiary. This allows us to develop a tailored trust plan that addresses all relevant concerns.
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Customized Trust Planning: Based on our consultation, we design a special needs trust that meets your specific requirements. Our team ensures that the trust is structured to provide maximum benefit to the beneficiary while complying with all legal and regulatory requirements.
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Implementation and Funding: We assist you in establishing and funding the trust, ensuring that all necessary legal documents are completed accurately and that assets are properly transferred.
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Ongoing Support and Administration: Special needs trusts require careful management and periodic reviews. We provide ongoing support and trust administration services to ensure that the trust remains effective and continues to meet the beneficiary's needs.