Las Vegas Special Needs Trust Attorney
If you have a disabled adult child or another person in your life with special needs, it is important to have a plan in place to ensure that the person with mental or physical disabilities is able to receive the care she or he needs in order to survive. If you are currently the primary caregiver for a person with special needs, you may have particular concerns about how that person with special needs will be able to access medical care, housing, clothing, and other necessities in the event of your death. You may also know that, if you simply leave a large sum of money to a person with a disability, that person may become ineligible for certain federal benefits.
This is where a Special Needs Trust can be extremely helpful to you and beneficial to your loved one. Under Nevada law, a person may be able to establish a Special Needs Trust that can pay for qualified expenses over a person’s lifetime. If you have a disabled beneficiary and want to learn more, you should speak with an experienced Las Vegas special needs trusts attorney about your options.
What is a Special Needs Trust in Nevada?
A Special Needs Trust is a particular kind of trust that is established to provide for a disabled beneficiary. In most cases, a Special Needs Trust is a type of irrevocable trust. As such, the person who makes the trust cannot cancel it or make changes to the trust even during his or her lifetime. To be sure, the trust that is put into place will remain in place. In some situations, however, a Special Needs Trust may be modifiable. It is important to speak with a Las Vegas estate planning lawyer if you have questions or need assistance.
For most Special Needs Trusts, assets are paid out to the beneficiary for the beneficiary’s lifetime. While other types of trusts are limited in terms of their temporality, one of the aims of the Special Needs Trust is to provide for a disabled person throughout that person’s lifetime.
Why Should I Establish a Special Needs Trust in Las Vegas, Nevada?
You may be wondering: should I simply leave a large sum of money to my disabled child or relative in a will instead of going to the trouble of setting up a trust? When you have a disabled beneficiary, a Special Needs Trust is often essential for ensuring that your disabled beneficiary remains eligible for certain types of federal benefits. Most significantly, a disabled person will become ineligible to receive Supplemental Security Income (SSI) benefits, as well as Medicaid, if they earn more than a certain amount of money or have more than a particular amount of assets.
By establishing a Special Needs Trust, you can ensure that the assets you are leaving to your disabled beneficiary will not disqualify them from SSI or Medicaid, and that they will be able to use the assets in the trust to cover a variety of qualified expenses.
Contact a Nevada Trusts & Estates Attorney
If you have questions about establishing a Special Needs Trust, a dedicated Las Vegas trusts and estates attorney at our firm can assist you. Contact Ghandi Deeter Blackham Law Offices to learn more about how we can help you to establish a Special Needs Trust.