Parents who have children with special needs know how important it is to protect them with comprehensive planning and strong advocacy. When you are no longer able to be your child’s primary advocate, however, who will take your place?
At the ESTATE PLANNING LAW GROUP OF GEORGIA, James M. Miskell P.C., serving north Fulton, Forsyth and in Gwinnett Counties, we understand special needs planning well. We can help you utilize trusts and other tools to ensure your child’s financial, medical and legal needs will continue to be met when you can no longer meet them yourself.
Creating A Special Needs Trust
Special needs trusts can effectively protect a child who lives with a disability while still allowing him or her to qualify for important benefits like Medicaid and Supplemental Security Income (SSI). There are two types of special needs trusts:
- Self-settled special needs trusts: If your child has substantial assets in his or her name such as from a personal injury or medical malpractice lawsuit, this type of trust protects those assets and uses them to fund the child’s care.
- Third-party special needs trusts: A third-party trust is typically funded with the parents’ or guardian’s assets, and the terms for distribution are often made clear in a will or living trust.
Is A Support Trust Right For Your Child?
A support trust is different from a special needs trust in that it does not allow the beneficiary to receive Medicaid, SSI or other public assistance benefits. It does, however, allow you to ensure your child has support for necessities like food, health care and housing. We can help you decide the best way to protect your child.
Meet With Us To Discuss Special Needs Planning
Special needs trust planning can be overwhelming without the right lawyer by your side. Our attorneys can help, starting with an initial consultation. Call 770-822-2723 or 866-735-9628, or contact us by email.