Texas Special Needs Trust Attorneys
Special needs solutions to protect your most vulnerable family members
You want only the best care possible for your special needs child or adult family member. This dedication can lead to significant concern about their future well-being when you can no longer provide for them. Texas families rely on special needs trusts as part of their estate plans to ensure continued support for disabled loved ones while securing crucial financial assistance for their care.
Special needs trusts can allow you to maximize the benefit of the assets you intend for your loved one’s care without jeopardizing their Medicaid or SSI eligibility.
The assistance received from government programs may provide for most of the costs of your loved one’s care, housing, and education, but you can supplement this support through a special needs trust. Texas families rely on this solution to continue providing for their disabled child or adult relative and to prevent federal agencies from demanding repayment from their estate or revoking eligibility for program participation.
The special needs trust attorneys at the law firm of Shann M. Chaudhry Esq., Attorney at Law PLLC can help you create a comprehensive support strategy that protects your disabled child, dependent adults, or aging family members for the long term. We understand the delicacy of this sensitive matter and provide compassionate service personalized to your family.
Texas Special Needs Trust Options for Families with Disabled Loved Ones
Special needs trusts offer a range of options that allow you to create an individualized plan for your beneficiaries. It’s important to remember that this trust is meant for purchasing services and goods that assistance programs like Medicare don’t cover, such as:
- Medical costs excluded from Medicaid or Medicare coverage
- Service animals and related assistive care
- Devices used for communication, including cell phones, computers, and similar technologies
- Car insurance
- Family vacations, recreational activity expenses, and hobby supplies
- Clothing
- Medical care not covered by government programs, including assistive equipment or devices
- Over-the-counter medications
- Personal services for meal prep, housekeeping, or compensating a family member acting as their caregiver
- Household expenses, including landscaping or home security
- Transportation costs, including purchasing a vehicle to transport your loved one
- Education costs
- Pets, including related supplies and veterinary care
How your funding will reach your loved one with special needs depends on the type of trust you create.
First-party trust
This trust option allows an individual with special needs to fund the trust with their own income, whether from a lawsuit settlement, a job, or when issued a lump sum payment from programs like Social Security. Any money left in this trust will often go to repay Medicaid and other programs that paid for their care.
First-party trust
This trust option allows an individual with special needs to fund the trust with their own income, whether from a lawsuit settlement, a job, or when issued a lump sum payment from programs like Social Security. Any money left in this trust will often go to repay Medicaid and other programs that paid for their care.
Third-party trust
A special needs trust created by a third party does not rely on the disabled individual’s assets to fund it. When an estate planning attorney assists during this process, you can opt for it to take effect immediately or later. This is a popular option for Texas families with special needs loved ones because the remaining funds won’t go to Medicaid or similar programs should the beneficiary pass away. This option lets you designate an additional heir to receive the remaining balance in such a situation.
Pooled trust
Non-profits typically set up these trusts to pool and invest the funded assets, distributing this income to separately created special needs trusts for each beneficiary. These trusts can be created using a first or third-party structure. However, many families opt for the latter to avoid repayment of the remaining balances should their loved ones pass away.
Pooled trust
Non-profits typically set up these trusts to pool and invest the funded assets, distributing this income to separately created special needs trusts for each beneficiary. These trusts can be created using a first or third-party structure. However, many families opt for the latter to avoid repayment of the remaining balances should their loved ones pass away.
Irrevocable living special needs trust
Well-meaning relatives that leave money behind in a will or choose to gift their assets risk jeopardizing their loved one’s eligibility for cost-saving government assistance. An irrevocable living special needs trust is an excellent solution in these situations because you can set one up and allow friends and family members to contribute directly to the trust instead. Because the trust is irrevocable, it owns any assets it holds, thus keeping the beneficiary’s program eligibility secure.
If you have a family member with disabilities, a special needs trust is essential to your estate plan.
If you want further information on these options, reach out to the knowledgeable attorneys at SMC ESQ PLLC to schedule a consultation and begin planning a lasting legacy of support.
How Our San Antonio Special Needs Trust Attorneys Can Help
Parents and relatives creating a special needs trust for a vulnerable family member should seek guidance from qualified estate planning attorneys with extensive knowledge of state and federal disability assistance programs. This will help you ensure that the trust avoids having to repay the government for the care your loved one receives, so you can maximize the long-term benefit of the entrusted assets.
The attorneys at SMC ESQ PLLC have helped countless families in and around the San Antonio and Austin, TX, areas. We take a compassionate and personalized approach because we understand that each family’s needs are unique and deserve personally tailored solutions.
We can also help you ensure that your estate plan has all the necessary elements to provide the most effective protection for your disabled loved one. To start, we’ll work collaboratively with you to establish the following:
- Financial Power of Attorney
- Medical Power of Attorney
- Living Will
- HIPAA Authorization
A properly drafted special needs trust has many working parts. We can help you create a well-managed support plan that will provide a lifetime of financial stability.
Learn More about Texas Special Needs Trusts
If you need sound advice regarding your options for creating a special needs trust for your disabled or vulnerable loved one, SMC ESQ PLLC is eager to help. Our knowledgeable estate planning attorneys understand the importance of providing reliable financial support that doesn’t impact eligibility for government programs like Medicaid, VA Benefits, Social Security, and Medicare.
We take the time to get to know the dynamics of your family, your loved one’s financial and healthcare demands, and what goals you need to achieve to have peace of mind. We use this information to create a personalized strategy that addresses these concerns and empowers you to provide your loved one with the best possible life.
Contact us today to schedule a consultation to learn about what special needs trusts can do for your situation and how to begin safeguarding your vulnerable loved one’s future.