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What Is a Special Needs Trust

If you have someone with special needs in your family, you should take pause before you name this person in your will. Learn more about special needs trust in this presentation.

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What Is a Special Needs Trust

  1. 1. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF WHAT IS A SPECIAL NEEDS TRUST?
  2. 2. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF DIRECT INHERITANCES If you use a will to distribute assets, your heirs will be leaving direct inheritances.
  3. 3. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF In this presentation, we will look at a number of different taxes.
  4. 4. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF This can sound great, but under some circumstances, it may not be the best choice.
  5. 5. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF PEOPLE WITH SPECIAL NEEDS If you have someone with special needs in your family, you should take pause before you name this person in your will.
  6. 6. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Clearly, you want to provide support.
  7. 7. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF However, there may be a better way to go about it.
  8. 8. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF HEALTH INSURANCE
  9. 9. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Everyone needs health insurance, but it is particularly important for people with special needs.
  10. 10. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Medicaid is a government health insurance program.
  11. 11. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Many people with disabilities rely on Medicaid.
  12. 12. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SUPPLEMENTAL SECURITY INCOME
  13. 13. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Disabled people who cannot work often qualify for the Supplemental Security Income program.
  14. 14. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The purpose of this program is self- explanatory: It serves as an ongoing source of minimal financial support.
  15. 15. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF NEED-BASED PROGRAMS
  16. 16. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORFMedicaid and SSI are need-based programs.
  17. 17. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF You cannot qualify if you have a reasonable store of assets in your own name.
  18. 18. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF LOSS OF ELIGIBILITY If a person who is enrolled in these programs was to receive an inheritance or a large lifetime gift, benefit eligibility could be lost.
  19. 19. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SPECIAL NEEDS TRUSTS
  20. 20. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF To help out a loved one with a disability without doing any harm, you could create a special needs trust.
  21. 21. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The trustee could use assets in the trust to satisfy the supplemental needs of the beneficiary.
  22. 22. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF These would be needs that are not being satisfied by the government benefits.
  23. 23. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Benefit eligibility would not be jeopardized.
  24. 24. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF PERSONALIZED INHERITANCE PLANNING
  25. 25. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF As you can see, you should consider the life situation of every person on your inheritance list when you are planning your estate.
  26. 26. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SCHEDULE A CONSULTATION
  27. 27. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you would like to discuss your unique family situation with a licensed estate planning attorney, our firm can help.
  28. 28. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Please contact Liane or Laura at 410-573-4818 or 301-970-8080 to schedule your consultation.
  29. 29. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Or visit our website www.sinclairprosserlaw.com Nicole Livingston Jon J. Gasior Colleen SinclairProsser Victor A. Lembo

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