SPECIAL NEEDS TRUSTS ATTORNEY IN CORPUS CHRISTI, TEXAS

Planning for the future of a family member with special needs requires careful consideration and comprehensive estate planning. Special needs trusts are essential tools for protecting the financial well-being of your loved one with disabilities while preserving their eligibility for government benefits.

By establishing a special needs trust, you can ensure that your loved one has access to the necessary resources to maintain their quality of life without jeopardizing critical assistance programs. 

If you're considering creating a special needs trust or need guidance on the intricacies of special needs estate planning, consult with an experienced special needs trusts attorney. I have the dedication to assist you with your special needs trust questions and advocate for the security of your family members. 

As your legal counsel, I can explain the benefits and different types of special needs trusts, as well as help you determine the best options for your specific situation. My firm – Russell Manning Law PLLC – proudly serves clients throughout Corpus Christi, Texas, including Bee County, Nueces County, South Texas, and the Coastal Bend area. 

OVERVIEW OF SPECIAL NEEDS TRUSTS 

A special needs trust is a legal arrangement that allows a person with disabilities to receive financial support without affecting their eligibility for public assistance programs such as Medicaid and Supplemental Security Income (SSI). The trust holds and manages assets on behalf of the beneficiary that can be used to enhance their quality of life while preserving their access to essential benefits. 

TYPES OF SPECIAL NEEDS TRUSTS 

FIRST-PARTY SPECIAL NEEDS TRUST 

A first-party special needs trust, also known as a "self-settled" or "d4A" trust, is funded with the assets of the person with special needs. This type of trust is often established when the individual receives a settlement or inheritance. The trust must contain a provision that, upon the beneficiary's death, any remaining assets will be used to repay the state for Medicaid benefits provided. 

THIRD-PARTY SPECIAL NEEDS TRUST 

A third-party special needs trust is funded by someone other than the disabled family member, typically another family member or friend. This type of trust is often used as part of an estate plan to provide for a loved one with special needs. Unlike first-party trusts, third-party trusts do not have a Medicaid payback requirement, allowing any remaining assets to be distributed according to the trustor's wishes upon the beneficiary's death. 

POOLED SPECIAL NEEDS TRUST 

A pooled special needs trust is managed by a non-profit organization and pools the resources of multiple beneficiaries for investment purposes while maintaining separate accounts for each beneficiary. This type of trust can be established with the assets of the person with disabilities or by a third party. Pooled trusts are particularly useful for families with smaller amounts of assets to set aside. 

An experienced attorney can help you decide which type of special needs trust best fits your family's needs and guide you through the process of creating one. 

PROCESS OF CREATING A SPECIAL NEEDS TRUST 

Here are the steps involved in creating a special needs trust: 

1. Determine the type of trust that is most appropriate for your situation. 

2. Identify the assets and property to be placed in the trust. 

3. Choose a trustee or successor trustee to manage the trust assets. 

4. Decide on the beneficiaries of the trust's distribution. 

5. Draft the trust document with the assistance of an experienced lawyer. 

6. Sign the trust document in front of a notary public. 

7. Transfer ownership of the trust assets to the trustee. 

8. Fund the trust by transferring assets into it. 

To ensure the trust is legal and valid in Texas, it's essential to follow all necessary steps and procedural requirements. An experienced estate planning attorney can provide guidance on the benefits of a special needs trust and walk you through every step of creating a valid trust. 

WHY HAVING A SPECIAL NEEDS TRUST IS IMPORTANT 

A special needs trust is vital because it can help you achieve the following: 

• Preserve the beneficiary’s eligibility for government benefits such as Medicaid and SSI

• Provide a resource to enhance the beneficiary's quality of life

• Manage and protect assets for a loved one with special needs

• Ensure financial security and peace of mind for both the beneficiary and their family

• Protect the beneficiary from financial exploitation or mismanagement of their inheritance

• Allow a trustee to manage and distribute funds according to the trustor’s and beneficiary’s needs

• Facilitate long-term planning and provision for the beneficiary’s future

• Reduce or avoid estate recovery claims by the government for benefits provided

An experienced trust attorney can help draft your special needs trust documents and make informed decisions for your family's estate planning needs. 

HOW AN EXPERIENCED ESTATE PLANNING ATTORNEY CAN HELP 

Planning for the future of a loved one with special needs cannot be overstated. An experienced estate planning attorney can help you explore your available options and determine the ideal estate plan tailored to your family's unique situation. 

At Russell Manning Law PLLC, I am dedicated to providing exceptional legal services and advocacy to clients in estate planning. As your legal counsel, I can help you understand your estate planning options and establish a special needs trust that ensures your loved one’s financial security and well-being. 

Furthermore, I will guide you through every step of creating the trust, help draft your trust documents, and ensure the selection of a reliable trustee. Above all, I will provide you with the knowledge you need to create and fund a special needs trust in accordance with all legal and procedural requirements.