Minneapolis Special Needs Planning Attorney
MN Special Needs Planning Lawyer
Special Needs Planning is a legal and financial process designed to help individuals with disabilities and their families plan for the future. This type of planning typically involves creating a comprehensive plan that addresses the unique needs of individuals with disabilities and ensures that their quality of life is protected over the long-term. Special Needs Planning may involve a variety of legal tools and financial strategies, including creating a special needs trust, establishing a guardianship or conservatorship, coordinating government benefits, and developing a care plan.
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Why Is Special Needs Planning Important?
Special Needs Planning is important for a number of reasons:
Ensuring long-term financial stability: Individuals with disabilities often require specialized care and support, which can be expensive. Special Needs Planning can help ensure that there are sufficient financial resources to cover these costs over the long-term.
Protecting government benefits: Many individuals with disabilities rely on government benefits, such as Medicaid and Supplemental Security Income (SSI), to pay for their care. Special Needs Planning can help protect these benefits by ensuring that assets are not held in the individual’s name, which could result in disqualification from government programs.
Providing for future care and support: Special Needs Planning can help families develop a comprehensive care plan that ensures that their loved one with a disability is provided for over the long-term, even after the caregivers are no longer able to provide direct support.
Ensuring legal protection: Special Needs Planning can involve creating legal documents, such as a special needs trust or guardianship, that provide legal protection for individuals with disabilities and their families.
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Setting up a Special Needs Trust involves the following steps:
Choose a trustee: The first step in setting up a Special Needs Trust is to choose a trustee. The trustee is responsible for managing the trust assets and ensuring that they are used to benefit the beneficiary in accordance with the terms of the trust.
Determine the funding source: Next, you will need to determine the funding source for the trust. This may include transferring assets to the trust or designating the trust as a beneficiary of a life insurance policy or retirement account.
Define the trust terms: You will need to define the terms of the trust, including how the funds may be used and under what circumstances. For example, the trust may be set up to pay for medical expenses, education, housing, and other necessary expenses.
Draft and execute the trust document: Once the terms of the trust have been defined, the trust document must be drafted and executed in accordance with state law.
Fund the trust: Finally, the trust must be funded with the assets identified in step 2. This may involve transferring assets to the trust, designating the trust as a beneficiary of a life insurance policy or retirement account, or other funding sources.
It is important to work with an experienced attorney who specializes in Special Needs Planning to ensure that the trust is set up properly and in compliance with state and federal laws. A Special Needs Planning attorney can provide guidance throughout the process and help ensure that the trust is structured to meet the specific needs of the beneficiary.
Protection of government benefits: A Special Needs Trust can help protect government benefits, such as Medicaid and Supplemental Security Income (SSI), by ensuring that the beneficiary does not exceed the asset limits for these programs. Our attorney can help structure the trust in a way that preserves these benefits while still providing for the beneficiary’s needs.
How Leverson Budke Can Help You?
Legal expertise: Special Needs Planning is a complex area of law that requires specialized knowledge and experience. Our attorney who specializes in Special Needs Planning can provide guidance on legal issues and help ensure that the trust is set up in compliance with state and federal laws.
Personalized attention: Special Needs Planning is a highly personalized process that requires individual attention and care. Our attorney can take the time to understand your unique needs and goals, and provide personalized guidance throughout the planning process.
Coordination with other professionals: Setting up a Special Needs Trust may involve coordination with other professionals, such as financial advisors, accountants, and social workers. Our attorney can help coordinate these efforts to ensure that all aspects of the planning process are working together to meet your needs.
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Who Can Be A Trustee Of A Special Needs Trust?
Anyone can be a trustee of a Special Needs Trust, as long as they are over the age of 18 and are mentally competent to manage the trust. However, it is important to choose a trustee who has the skills, knowledge, and experience to effectively manage the trust and its assets. Many people choose a family member or close friend to serve as trustee, but it is also possible to hire a professional trustee or use a corporate trustee, such as a bank or trust company.
It is important to note that the trustee of a Special Needs Trust has a fiduciary duty to act in the best interests of the beneficiary and to manage the trust assets prudently. The trustee must also comply with the terms of the trust and any applicable state and federal laws. Because of these responsibilities, it is important to choose a trustee who is trustworthy, responsible, and has the best interests of the beneficiary at heart.
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What Happens To A Special Needs Trust When The Beneficiary Dies?
It actually depends on the specific terms of the trust document. Typically, the trust document will provide instructions for what should happen to any remaining trust assets upon the death of the beneficiary.
In many cases, the trust assets will be distributed to other beneficiaries, such as family members or charitable organizations, in accordance with the instructions in the trust document. It is important to note that any distributions from the trust may be subject to taxes, depending on the nature of the assets and the distribution rules.
If the trust is a “third-party” Special Needs Trust, which means it was created and funded by someone other than the beneficiary, then any remaining trust assets may be distributed to other beneficiaries without affecting the beneficiary’s eligibility for government benefits.
However, if the trust is a “first-party” or “self-settled” Special Needs Trust, which means it was funded with the beneficiary’s own assets, then any remaining trust assets may be subject to a “payback” requirement under federal law. This means that any remaining assets must be used to reimburse the government for any Medicaid benefits that were paid on behalf of the beneficiary during their lifetime.
Can A Special Needs Trust Be Used To Pay For Housing Expenses?
Yes, a Special Needs Trust can be used to pay for housing expenses for the beneficiary, as long as the trust document allows for it. Housing expenses may include mortgage or rent payments, property taxes, utilities, repairs and maintenance, and other related expenses.
However, it is important to note that the use of trust funds for housing expenses may affect the beneficiary’s eligibility for certain government benefits, such as Supplemental Security Income (SSI) or Medicaid. These programs have strict income and asset limits, and any funds used for housing expenses may be considered “income” or “resources” for purposes of determining eligibility.
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