Special Needs Trusts
What is a Special Needs Trust?
A special needs trust allows a parent, grandparent or guardian to provide funds for a disabled child without disrupting the child’s eligibility for government aid. Assets left to this individual can have unintended negative consequences for them if not properly accounted for in their estate plan.
Setting one up is a fairly simple process:
- Decide on an appropriate guardian for your child
- Determine who would be a suitable Trustee(s) to manage the Trust’s assets and supervise your child’s finances
- Outline instructions for your child’s education, housing, personal and emotional needs
Assisting Parents: Provide for a Child With Special Needs
Rasmussen Law, LLC understands the challenges and financial issues associated with caring for a family member with special needs. The difference between a Trust and Special Needs Trust is drafting a document that plans, protects and provides for the lifetime of a child’s legal, financial, medical and educational needs. Special Needs Trust can be established to hold resources provided to your child through gifts or bequests from family members or friends.
Safeguard Your Child’s Financial Assets
Rasmussen Law, LLC understands the complex issues of governmental benefits and the importance of creating the right plan to accommodate your child’s needs. Federal law specifies ownership of certain assets exceeding several thousand dollars in value disqualifies special needs individuals from receiving many government benefits. The Special Needs Trust is a reliable way of safeguarding eligibility for government benefits, while allowing for additional benefits not provided by the government.
We know the challenges of setting up a special needs trust to provide financial support for your child without jeopardizing their eligibility for government benefits. Call us at (913) 871-2188.
Specific Benefits of Special Needs Trusts
The trust allows funds to be used to make the beneficiary’s life better by providing benefits other than the bare necessities of life. Accessing trust assets to give individuals with special needs “non-necessity” items that would not be available through government benefits may include activities such as vacations, sporting event tickets and items that make the beneficiary’s life easier, such as a ramp or chair lift and transportation to various events or cultural institutions.
It is important to work with an attorney that is knowledgeable about estate planning for families with special needs. Call us today to schedule your free consultation (913) 871-2188.
“Excellent service based on expert knowledge. Working with Corey was fantastic. My wife and I were setting up a new business, and needed to have a complete estate plan established. Corey not only covered the basics, but included important protections for our children’s future that I never would have thought of. He also made sure we understood how to use the information in order to update other assets like life insurance. I have recommended Corey to several of my friends, and will continue to do so without reservation.” – Tim (Belton, MO)
“I recommend Corey Rasmussen. Corey handled my Trusts matter. I have previously worked with 1-2 lawyers. Corey, was great. He went above and beyond my expectations. He came to our house to provide services (more than once). He was very patient and helpful to me. He actually sorted my mail related to our business! He was easy to talk to and explained things at a level that was understandable to us.” – Tammy (Lawrence, KS)
“Excellent Attorney for Wills and Trusts. Corey helped us revise and update our trust and wills. He showed great interest in us and was extremely thorough. Corey spent considerable time explaining the whole process. We believe he is an excellent attorney and would recommend him to anyone needing help revising or creating a trust.” – Connie (St. Joseph, MO)