North Carolina Elder Law Attorney For Disability and Special Needs Trusts
Planning for a loved one with a disability or special needs can feel overwhelming, especially when addressing their financial security and eligibility for government benefits. An experienced Concord lawyer can help you navigate this process.
At Elder Law & Estate Planning Solutions, our attorneys help families in Concord and throughout North Carolina set up and manage disability and special needs trusts. With our legal knowledge and compassionate approach, we can help you make sure your loved one’s financial resources are safeguarded while maintaining their eligibility for critical benefits.
What Are Disability And Special Needs Trusts?
Disability and special needs trusts are formal legal arrangements designed to manage and protect assets for individuals with disabilities. These trusts provide a solution to protect their needs without risking access to programs like Medicaid and Supplemental Security Income (SSI).
They can cover a wide range of essential and enriching expenses, including:
- Education
- Transportation
- Medical and dental care not covered by insurance
- Recreational activities
- Personal care items
There are several types of special needs trusts to meet different circumstances:
- First-party trusts: Funded with assets owned by the individual with a disability, often from an inheritance or legal settlement.
- Third-party trusts: Established and funded by someone other than the beneficiary, such as a parent or grandparent.
- Pooled trusts: Managed by a nonprofit organization, combining resources from multiple beneficiaries while maintaining separate accounts.
These trusts provide peace of mind by making sure that your loved one’s financial and personal needs are met without compromising their access to crucial benefits.
How We Help With Disability And Special Needs Trusts
Our experienced team provides comprehensive support to make sure the trust aligns with your loved one’s unique needs. We assist with:
- Evaluating which type of trust is best suited for your situation
- Drafting clear and legally valid trust documents
- Helping ensure compliance with federal and state regulations
- Collaborating with financial planners and care coordinators to create a holistic plan.
- Assisting with funding the trust appropriately to maximize its benefits.
With our guidance, you can confidently create a trust that secures your loved one’s financial future while adhering to legal requirements.
Contact Us Today
If you are ready to set up a disability or special needs trust, contact us by calling 704-859-8998 or emailing us to schedule a consultation. Let us help you secure a brighter future for your loved one.